Eco homework question?

Posted on 2014-11-29 12:27:00 in Economics by ROB

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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