The biggest flaw in the logic of the labor argument is the failure to consider
A) the needs of developing countries.
B) the impact of tariffs on inflation.
C) the differences in national productivity levels.
D) the strategy of multinational businesses.
E) the impact on employment levels.
C
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Assume a hypothetical case where an industry begins as perfectly competitive and then becomes a monopoly. Which of the following statements comparing the conditions in the industry under both market structures is true?
A) A monopoly will produce less and charge a lower price than would a perfectly competitive industry producing the same good. B) A monopoly will produce more and charge a higher price than would a perfectly competitive industry producing the same good. C) A monopoly will produce more and advertise more than would a perfectly competitive industry producing the same good. D) A monopoly will produce less and charge a higher price than would a perfectly competitive industry producing the same good.
When the economy experiences inflation, people demand a:
A. higher quantity of money, shifting the money demand curve leftward. B. lower quantity of money, shifting the money demand curve rightward. C. higher quantity of money, shifting the money demand curve rightward. D. lower quantity of money, shifting the money demand curve leftward.
If the equilibrium price of a good increases and the equilibrium quantity of the good decreases, we can conclude that:
A. demand increased. B. demand decreased. C. supply increased. D. supply decreased.
Recall the Application about weather-linked crop insurance to answer the following question(s).According to the Application, why were farmers unwilling to invest in seeds and fertilizer?
A. Farmers may lose its seed and fertilizer investments in the event of unfavorable weather. B. Farmers may lose its seed and fertilizer investments in the event of favorable weather C. Unfavorable weather is usually caused by increased seed and fertilizer investment. D. Governments raise taxes when farmers invest in seed and fertilizer.