If and when trade is allowed between the U.S. and Canada, 43. Canada and the U.S
ID: 1115540 • Letter: I
Question
If and when trade is allowed between the U.S. and Canada, 43. Canada and the U.S. both produce wheat and computer software, and Canada has the comparative advantage in producing wheat a Canada will export wheat to the U.S. and import software from the U.S b. Canada will export software to the U.S. and import wheat from the U.S. c. Canada will export both wheat and software to the U.S. d. The U.S. will export both wheat and software to Canada 44. One bag of flour is sold for S1.00 to a bakery, which uses the flour to bake bread that is sold for $3.00 to consumers. How much do these three transactions contribute to the country's GDP? a. $2.00. b. $3.00. c. $4.00. d. $6.00. 45. What factor may not have played an important role in increasing female labor-force participation rate between 1950 through 1990? a. single mother. b. tight budget. c. equal right movement. d. increasing child labor 46. To be counted as labor force, an individual must: a. be either the employed or unemployed b. not have a job, and not looking for work. c. be either student or housewives. d. be willing to accept the first job offer 47. The real rate of interest is defined as a. One minus the nominal rate of interest b. The nominal rate of interest plus inflation rate.Explanation / Answer
43.
A
Canada with comparative advantage in wheat will export wheat to the USA and the USA will export software to the Canada. Here, USA have comparative advantage in the softwares.
44.
B
The value of final goods only, will be considered in the GDP calculation. Due to this reason, $3 price of the baked bread will only be considered in the GDP.
45.
D
Increasing child labor does not help in increase the participation rate of women in the labor force.
46.
A
A labor force is constituted by two groups of people. The first group is of employed people and the second group is unemployed people.
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