MacDougall showed in his tests that
A) relatively higher U.S. labor productivity was associated with relatively higher U.K. export ratios.
B) relatively higher U.K. labor productivity was associated with relatively higher U.K. export ratios.
C) labor productivity ratios and export ratios were not associated with each other.
D) None of the above.
B
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Compared to an economy that uses a medium of exchange, in a barter economy
A) transaction costs are higher. B) transaction costs are lower. C) liquidity costs are higher. D) liquidity costs are lower.
The branch of macroeconomics concerned with changes in the natural real GDP is the theory of
A) business cycles. B) economic growth. C) GDP gaps. D) unemployment.
Which of the following would not shift the supply curve for halibut?
a. a reduction in the number of available fishing boats b. unusually stormy weather during fishing season c. the development of innovative new fishing equipment that makes it easier to catch halibut d. an increase in the price of halibut
Suppose the government believes that the equilibrium price established on the market by the forces of supply and demand is too low and, to correct it, sets a minimum price. That is to say, price is allowed to be higher, but it cannot be lower than that minimum. Economists call that minimum price a(n)
a. price ceiling b. price floor c. parity price d. deficiency price e. equilibrium price