If trade causes some workers to be laid off, most economists conclude:
a. that all other workers will be better off because their wages will rise.
b. that we should not allow imports to take U.S. jobs.
c. that we should expect wages to fall.
d. that none of these answers is true.
Ans: d. that none of these answers is true.
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The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
If a rise in the price of good 1 decreases the quantity of good 2 demanded
A) the cross elasticity of demand is negative. B) the cross elasticity of demand is positive. C) good 1 is an inferior good. D) good 2 is an inferior good.
A situation in which one party makes a contractual agreement with a second party in the expectation that the second party will act on its behalf is known as
a. an adverse selection relation b. a signaling relation c. an authority relation d. a principal-agent relation e. a nonmarket relation
Market equilibrium is: a. defined as the condition in which there is neither a shortage or surplus
b. defined as the condition under which the separately formulated plans of buyers and sellers exactly mesh when tested in the market. c. represented graphically by the intersection of the supply and demand curves. d. all of the above.