From 1807 to 1809, a trade embargo imposed by the United States resulted in:
A) a rise in real GDP, as residents turned toward domestic production.
B) a fall in real GDP of about 5%.
C) a lower unemployment rate in the United States.
D) a rise in the U.S. standard of living from lower prices as a result of lowered demand.
Correct Answer:
Verified
Q41: A change in the relative price of
Q42: An increase in demand for resources specific
Q43: The absence of trade is known as:
A)
Q44: In the two-sector (manufacturing and agriculture) specific-factors
Q45: As a nation opens trade, the relative
Q47: The term real wages refers to:
A) a
Q48: If the wage rate in the agriculture
Q49: When Japan opened its borders to trade
Q50: Many examples in this chapter indicate that
Q51: In the two-sector (manufacturing and agriculture) specific-factors
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