On average, collective bargaining increases wages
a. true
b. false
Answer: a. true
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A globe is a model. However, it lacks much of the detail that one would find on a map. Does that make the globe an inferior model? Why not?
What will be an ideal response?
The balance of trade is measured by which of the following expressions?
a. The value of exported goods and services minus the value of imported goods and services b. The value of income receipts on investments minus income payments on investments c. The value of goods exports minus the value of goods imports d. The value of government spending minus the value of all taxes received e. The balance on capital account plus the balance on current account
Which of the following is the primary cause of inflation?
a. an increase in the quantity of money b. an increase in government spending c. an increase in unemployment d. an increase in productivity
Opportunity cost theory suggests that a nation has
A) A comparative advantage in the good with the lower opportunity cost. B) An absolute advantage in the production of the good with the lowest opportunity cost. C) No advantage in the production of any good with an opportunity cost. D) None of the above.