Refer to Figure 2-9. What does the economy gain by moving from point A to point D?  

Assume countries X and Y have the same real GDP. But country X increases its money supply. The quantity theory of money approach suggests that country X’s currency will appreciate relative to country Y’s currency. 

It is generally more difficult for [2] workers to find a job than it is for professionals, like doctors and engineers.

Market exchange rates are only relevant for internationally traded goods. 

The USA (for data presented in lecture) falls within the top 10 richest nations in terms of GDP per capita. 

Refer to Figure 3-17. When the price is P1 , consumer surplus is    

Assume that a quota on imported rice is imposed at some quantity that we will call Q1. We know that: (check all that apply)

Which is FALSE about globalization?

David Ricardo is considered to be the father of modern economic thought. He is the one that promoted the idea that you should not attempt to make what it will cost you “more to make than to buy.”  

Which of the following is not a determinant of the price elasticity of demand?