According to The Economist magazine's Big Mac index, one of the most overvalued currencies as of July 2008 was the Norwegian kroner. Which of the following is a likely implication of that fact?
A) That goods and services are more expensive in Norway than in the U.S.
B) That the Norwegian currency is going to be undervalued in the near future.
C) That the Norwegian currency is likely to appreciate in the near future.
D) That the Norwegian government is running a large deficit.
Question 2
Suppose that Canada can produce 15 units of timber or 3 units of grain. Suppose that Mexico can produce 6 units of timber or 2 units of grain. Which of the following is CORRECT?
A) Mexico has a comparative advantage in grain production.
B) Mexico has an absolute advantage in timber production.
C) Canada has a comparative advantage in grain production.
D) The countries would find trade mutually beneficial at a trading ratio of 1 grain for 2 timber.
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