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Unformatted text preview: b) Orange consumers in Smithland. c) Orange producers in Smithland. d) Apple consumers in Smithland. 4. The terms of trade between these countries will lie between ____ and ____ apples per orange. a) 5/4; 2 b) 1/2; 5/4 c) 1/2: 4/5 d) 4/5; 2 5. GDP will grow at a slower rate than Real GDP during periods of: a) recession b) inflation c) deflation d) financial crisis 100 200 200 250 Apples Oranges Smithland Ricardoville...
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This note was uploaded on 02/06/2012 for the course ECON 252 taught by Professor Robertholand during the Fall '08 term at Purdue University-West Lafayette.
- Fall '08