In order for a nation to be able to consume more in the future, it needs to
A. produce less today in aggregate and save the difference between consumption and income.
B. consume less today in aggregate and save the difference between consumption and income.
C. produce more today in aggregate and save the difference between consumption and production.
D. consume more today in aggregate and borrow the difference between consumption and income.
Answer: B
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By how much did the Doha round of negotiations increase the world economy per year?
a. $100 to $150 billion b. $150 to $200 billion c. $200 to $250 billion d. $165 to $385 billion
In recent years, the amount of international trade in which the United States engages has
a. increased, raising domestic demand for unskilled labor. b. increased, reducing domestic demand for unskilled labor. c. decreased, raising domestic demand for unskilled labor. d. decreased, reducing domestic demand for unskilled labor.
Refer to the accompanying figure. Moving from demand curve D1 to demand curve D2 illustrates a(n):
A. decrease in demand. B. increase in demand. C. decrease in quantity demanded. D. increase in quantity demanded.
Which of the following is a reason why the union wage gap might overestimate the actual effect unions have on wages?
A. Nonunion firms may pay higher wages in order to stave off unionization. B. Unions tend to negotiate better fringe benefits for their members than what nonunion workers receive. C. Higher union-negotiated wages likely attract more productive workers to union jobs. D. The union wage gap can be underestimated but never overestimated. E. Unionized workers tend to work more hours each week than nonunionized workers.