The United States was unable to maintain its dominance in the production of televisions because:
A. automated techniques allowed production to be outsourced to countries with less-skilled workers.
B. the raw materials necessary to build televisions became scarce in the United States.
C. the product designs evolved too rapidly for engineers in the United States to keep up.
D. the highly technical skills necessary to produce televisions are greater in other countries.
Answer: A
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Rapid growth of the money supply might seem appropriate to ________ economists, because ________
A) Keynesian; it can hasten the economy's return to a long-run equilibrium B) Keynesian; the resulting inflation will have no effect on real output C) classical; stabilizing fluctuations contributes to long-run growth D) classical; it will make prices more flexible E) none of the above
The fact that any pareto efficient equilibrium can be achieved through competition by adjusting endowments is called
A) the second welfare theorem. B) the first welfare theorem. C) the third welfare theorem. D) That is not possible.
If interest rates rise in the United States and remain the same in the South Pacific, then what can we expect to occur in the foreign exchange market for yaps (South Pacific currency)?
a. nothing b. an increase in its equilibrium price c. a decrease in its equilibrium price d. a shift in the supply of yaps e. an increase in the equilibrium quantity of yaps
To say that a price floor is binding is to say that the price floor
a. results in a shortage. b. is set below the equilibrium price. c. causes quantity supplied to exceed quantity demanded. d. All of the above are correct.