Encouraging international trade will
A) slow economic growth as many workers lose their jobs to foreign workers.
B) speed economic growth as workers specialize and trade with others.
C) speed economic growth because international trade limits the harm done by property rights.
D) slow economic growth when a country is forced to specialize and trade with other countries.
E) speed economic growth as workers diversify their knowledge and limit trade.
B
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The increase in the average unemployment rate in the 1970s was the result of
A) higher real wage rates. B) an increase in the birth rate in the early 1970s. C) repeated increases in the minimum wage. D) an increase in the birth rate in the late 1940s and early 1950s. E) the reduction of overly generous unemployment benefits in the 1970s.
Explain what the slope of the income consumption curve shows about the income elasticity of demand
What will be an ideal response?
Which one of the following is not an example of an externality
a. Carbon dioxide emissions from a motor vehicles d. Increased costs of mining iron ore drive up the price of steel b. Acid rain damages wildlife habitat in a region downwind from a factory e. Over-fishing results in the depletion of the food supply of an endangered marine mammal c. A driver enjoys beautiful scenery while driving through a National Forest
Trade-offs force society to make choices when answering what three fundamental questions?
A) What will be the prices of goods and services; how will these goods and services be produced; and who will receive them? B) What goods and services to produce; how will these goods and services be produced; and who receives them? C) Who gets jobs; what wages do workers earn; and who owns what property? D) How much will be saved; what will be produced; and how can these goods and services be fairly distributed?