When two or more nations engage in an exchange of goods, this is known as
a. international trade.
b. interstate commerce.
c. free trade.
d. intrastate commerce.
e. outsourcing.
Answer: a. International Trade
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The total labor hours that all the firms in the economy plan to hire during a given time period at one particular real wage rate is the
A) demand for labor. B) supply of labor. C) quantity of labor demanded. D) quantity of jobs supplied. E) quantity of labor supplied.
Give an example of how money functions as a unit of account
What will be an ideal response?
Suppose the quantity supplied of computers increases from 2 million to 4 million units as the price of a computer increases from $600 to $700. What does the price elasticity of supply equal?
What will be an ideal response?
To an economist, theory can be thought of as
a. abstraction for the sake of argument. b. one person's opinion, which is just as good as another's. c. another term for the description of a situation. d. beliefs which cannot necessarily be verified. e. explanation of mechanisms behind observed phenomena.