Free trade benefits the nation as a whole but may hurt specific industries and workers.
Answer the following statement true (T) or false (F)
True
Because of the benefits of specialization and free trade, all countries benefit because output is increased and resources are used more efficiently. However, import-sensitive industries that are hurt by cheaper imports suffer.
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If actual inflation is less than expected inflation, what is the relationship between the actual real wage and the expected real wage?
A) The actual real wage is higher than the expected real wage. B) The actual real wage is lower than the expected real wage. C) The actual real wage is equal to the expected real wage. D) The relationship between the actual real wage and the expected real wage cannot be predicted.
Why is it that a monopolistically competitive firm cannot earn positive economic profits in the long run?
What will be an ideal response?
____is the total output produced by a firm.
Fill in the blank(s) with the appropriate word(s).
Which one of the following statements about the Gini coefficient is not true?
A. It reflects the data shown in the Lorenz curve. B. It must fall when the amount of income in an economy increases. C. It equals zero when there is perfect equality. D. It equals one when there is perfect inequality. E. It increases as income inequality increases.