-Refer to Table 18

question 190

Multiple Choice

-Refer to Table 18.1. Possible terms of trade between Scotland and Poland are:

• A) 1 accordion for 1/4 bagpipe.
• B) 1 bagpipe for 1/3 accordion.
• C) 1 bagpipe for 2 accordions.
• D) 1 accordion for 1 bagpipe.

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Definitions:

Shift

In economics, a change in the position of a demand or supply curve on a graph, indicating a change in the quantity demanded or supplied at every price.

Economic Growth

An increase in the production of goods and services over a specific period, often measured as the rate of increase in gross domestic product (GDP).

Shift

A change in the position of a demand or supply curve on a graph, indicating a change in the quantity demanded or supplied at any given price.

Capital Stock

The total amount of physical goods that are used for production of other goods and services.