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test_1_sat_answers - Short Answer GDP deflator question...

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TEST #1 – ANSWER GUIDE – SATURDAY Multiple Choice : Version 1 – Question #1 starts “If a Canadian citizen buys a television made in Korea by a Korean firm,” D,A,B,C,C, A,B,B,C,C A,C,B,B,C, B,D,D,D,C A,B,D,B,B, C,A,B,A,C A,B,C,B,B, B,B,B,A,A C,C,B,C,D, A,A,C,C,D Version 2 – Question #1 starts “Which of the following represents a transfer payment?” B,A,B,B,D, A,A,B,D,D B,B,A,C,D, B,C,B,A,B C,B,C,B,C, A,C,A,C,B C,C,D,C,C, A,B,B,B,A A,B,C,C,A, B,D,D,C,C Version 3 – Question #1 starts “Which of the following is NOT correct?” C,C,D,C,C, A,B,C,B,B A,A,D,B,A, B,A,B,C,B B,A,B,C,C, A,D,B,A,C C,B,B,B,D, C,D,B,C,C D,A,D,A,B, C,A,B,B,C
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Unformatted text preview: Short Answer : GDP deflator question : Part (a) – 90 Part (b) – Comparative advantage question : Part (b) – US has absolute advantage in the production of both goods; neither has the comparative advantage in corn. Part (c) – No, the countries should not trade – trade is beneficial only when each country has a comparative advantage. Demand question : the only one that is movement along the curve is “a change in price” – the rest are all shift factors....
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