Which types of workers are most likely to favor lowering trade barriers in the United States?
What will be an ideal response?
Highly educated and more skilled
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How are the patterns of international trade, that is the pattern of what different countries export and import, explained?
What will be an ideal response?
Planned expenditures ________
A) are directly affected by government purchases B) increase when there is a reduction in taxes C) decrease when disposable income decreases D) all of the above E) none of the above
Typically, division of labor and specialization result in
a. increases in labor productivity b. decreases in the marginal physical product of labor c. decreases in the marginal revenue product of labor d. decreases in the total output produced by labor e. decreases in efficiency because workers are laid off
According to the principle of diminishing marginal utility, increases in income will create ______ happiness at ______ income levels.
a. zero; lower b. less; upper c. more; upper d. less; lower