It is possible through trade for a country to consume a combination of goods that lies beyond its production possibilities frontier.
Indicate whether the statement is true or false.
Answer: True.
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Which of the following statements is true?
A) If the supply of labor exceeds the demand for labor, wage rates tend to rise. B) There is no voluntary unemployment at the equilibrium wage rate. C) If the demand for labor exceeds the supply of labor, wage rates tend to fall. D) Lack of information relating to the job market can lead to unemployment.
Taxes and transfers in the United States
A) shift the Lorenz curve inward. B) shift the Lorenz curve outward. C) cancel out so that the Lorenz curve does not shift. D) shift the Lorenz curve inward at low incomes, outward at high incomes.
In the long run, producers do not incur any fixed cost as all inputs are variable
Indicate whether the statement is true or false
Nonmarket transactions are omitted from GDP because ______.
a. they are covered by other economic measurements. b. people who do them are often illegal aliens c. they fail to make enough of an impact on the economy d. reliable information is lacking for them