Question: THIS QUESTION IS WORTH 9 POINTS. EACH PART (A TO C) IS WORTH 3 POINTS, 1 POINT FOR THE CORRECT RESPONSE (T OR F) AND

THIS QUESTION IS WORTH 9 POINTS. EACH PART (A TO C) IS WORTH 3 POINTS, 1 POINT FOR THE CORRECT RESPONSE (T OR F) AND 2 POINTS FOR THE CORRECT EXPLANATION.

((a) If prices increase by 15 percent from one period to another, and nominal wages have gone up by 20 percent, then real wages have risen.

(b) Production possibility frontier and Consumption possibility frontier do not change under autarky.

( c) Absolute advantage differences are the only reason (basis) of trade.

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