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If Australia has relatively more land per worker, and Belgium has relatively more capital per worker, then if trade began between these two countries,
A) the relative price of the land-intensive product would increase in Australia.
B) the relative price of the capital-intensive product would increase in Australia.
C) the relative price of the land-intensive product would increase in Belgium.
D) the relative price of the capital-intensive product would decrease in Belgium.
E) relative product prices would diverge between Australia and Belgium.
The money supply in $1 trillion, the price level equals 2, and real GDP is $5 trillion in base-year dollars. What is the income velocity of money?
The German philosopher Immanuel Kant condemned Utilitarianism as an immoral ethical theory mainly because:
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AB acted as a well-managed business that takes actions necessary to remain competitive in a competitive market.
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