Eco homework question?
Eco homework question?
Q 1. A country will roughly double its GDP in twenty years if its annual growth rate is :c
A. 12 percent.
B. 7.5 percent.
C. 3.5 percent.
D. 2.5 percent.
Q 2. When one nation can produce a product at lower cost relative to another nation, it is said to have a(n) ____________b______ in producing that product.
A. relative advantage
B. absolute advantage
C. economy of scale
D. production efficiency
Q 3. Identify the exchange rate that equalizes the prices of internationally traded goods across countries and briefly discuss the main functions this exchange rate serves. (3 points)
Q 4. Briefly discuss the shortcomings of environmental command-and-control regulations. (3 points)
Q 5. Briefly explain what is meant by the term "externality" and how it occurs (4 points)
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