Concerns over unpleasant or unsafe standards of foreign labor do not affect most of U.S. trade because most U.S. trade is intra-industry and carried out with
a. high-income countries that have labor standards similar to the United States.
b. low-income countries that have labor standards similar to the United States.
c. high-income countries that have lower labor standards than the United States.
d. low-income countries that have lower labor standards than the United States.
a. high-income countries that have labor standards similar to the United States.
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
What are lawmaking lags? What effect do they have on the use of discretionary fiscal policy?
What will be an ideal response?
A local restaurant offers an "all you can eat" ribs special. You pay $11.95, and then you can eat as many servings as you desire at no additional cost. It would follow that you will stop eating when:
a. your marginal utility (or value) derived from eating another serving is zero. b. your total utility (or value) derived from all of the servings consumed just equals $11.95. c. your marginal utility (or value) derived from another serving equals $11.95. d. it is physically impossible for you to eat any more.
A monopoly is the single supplier of a product with no ______.
a. established price b. limit to supply c. barriers to entry d. close substitutes