Based on the simplified trade relations assumed in the textbook, if two countries specialize according to comparative advantage, and trade according to mutually satisfactory terms of trade, then each country's consumption-possibilities frontier will shift inward relative to autarky
Indicate whether the statement is true or false
false
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When unions or legislation makes it necessary for a firm to pay higher wages,
A) efficiency declines. B) income is transferred from wealthy people to poor people. C) the marginal value of retained employees falls. D) the marginal value of retained employees rises. E) total purchasing power increases.
The Miami Dolphins play football in Joe Robbie Stadium which holds 76,500 seats. In 2009, attendance averaged about 70,000 fans per game. This means that the quantity supplied of seats is
A) 76,500. B) 70,000. C) 6,500. D) 126,500.
Refer to Figure 9-2. Without the tariff in place, the United States produces
A) 9 million pounds of rice. B) 15 million pounds of rice. C) 31 million pounds of rice. D) 42 million pounds of rice.
A person who previously had a full-time job has been paroled from prison and has applied for a job is considered
A) a reentrant. B) a job loser. C) a new entrant. D) not in the labor force.