The U.S. economy is relatively closed in terms of economic activity related to exports and imports
a. True
b. False
Indicate whether the statement is true or false
True
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What is a barter system? What are the drawbacks of this system?
By failing to expand output to the point where marginal benefit equals market price, firms with market power produce less of the good and charge a higher price than would be socially optimal
Indicate whether the statement is true or false
Other things the same, in the long run a country that reduces the minimum wage from very high levels will have
a. higher unemployment and lower inflation b. lower unemployment and higher inflation c. higher unemployment and the same level of inflation d. lower unemployment and the same level of inflation
The U.S. business sector has the most purview over
A. tax revenues. B. on-the-job training. C. educational outcomes. D. university education.