Given its size, the United States does not have to worry about limitations on resources.
Answer the following statement true (T) or false (F)
False
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One of the factors contributing to the existence of frictional unemployment is
a. automation. b. labor union strikes. c. occupational mobility. d. falling real GDP.
Discuss the benefits of international trade and factors that lead to its growth.
What will be an ideal response?
Which of the following is true if a country specializes in producing the goods for which it has a comparative advantage and then trades?
A. Output increases, and everyone in the economy benefits. B. Income is redistributed toward import-competing industries. C. There are gainers and losers, but the country as a whole is better off. D. Losers may outweigh the gainers, and a country may be worse off.
Dave and Buster play two games of tennis, and then decide to go have lunch. Using the concept of utility to explain their choices, we can conclude that:
A. the marginal utility from playing a third game must be less than the marginal utility from having lunch. B. the marginal utility from playing a third game must be negative for them. C. they each won one game of tennis. D. All of these must be true.