Note: Only select the correct option
![1. Which of the following statements regarding the foreign sector is/are correct? a. Absolute advantage is a prerequisite for international trade. b. Differences in resource endowments necessitate intemational trade. Countries can only benefit from trade if the opportunity costs among the trading countries are the same. c. [1] Only a and b 2 Only and c 3 Only b and c 4 Only b](http://img.homeworklib.com/questions/44042250-6f99-11ea-bccd-1bfb713adc2c.png?x-oss-process=image/resize,w_560)
![2. Which one of the following statements regarding the assumptions of the Keynesian model is correct? [1] the simple Keynesian model can be used to study inflation 21 the simple Keynesian model can be used to explain the workings of the labour market 3 the simple Keynesian model can be used to study monetary policy [4] in the simple Keynesian model prices, wages, money supply and the interest rate are given meaning that their value is determined outside the model. . Which one of the following statements regarding consumption spending is correct? 1 Total consumption consists of induced consumption and autonomous consumption. [2] Induced consumption is independent of the rate of income. [3] Autonomous consumption is a function of income. 4 Both autonomous and induced consumption are a function of income.](http://img.homeworklib.com/questions/446acc40-6f99-11ea-b2b6-e9389e9193b7.png?x-oss-process=image/resize,w_560)
Homework Answers
Answer:
1- the following statement regarding foreign sector is correct:
b. differences in resource endowments necessitate international trade
2- correct statement regarding the assumption of simple Keynesian model is:
a. the simple Keynesian model can be used to study inflation
3- correct statement regarding consumption spending:
a. total consumption consists of induced consumption and autonomous consumption.
induced consumption is dependent on income level while autonomous consumption in independent of income level.
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Note: Only select the correct option
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