International transactions fall into what two broad categories?
A. Manufacturing trade and services trade.
B. International trade and international asset transactions.
C. Currency transactions and services trade.
D. Newly created assets and preexisting assets.
B. International trade and international asset transactions.
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The above figure shows the market for biologists. The government decides to set a minimum wage for biologists of $18 per hour. After this minimum wage is in effect, unemployment equals ________ workers
A) 100 B) 300 C) 400 D) 500 E) 200
How do fluctuations in autonomous expenditure influence real GDP?
What will be an ideal response?
Suppose that a more efficient way to produce a good is discovered, thus lowering production costs for the good. This will cause a(n):
a. Increase in supply, or a rightward shift of the supply curve b. Decrease in supply, or a leftward shift of the supply curve c. Decrease in quantity supplied, or movement up the supply curve d. Increase in quantity supplied, or movement down the supply curve
The rationing function of prices refers to
A) the situation when government must intervene in a market when there is a large shortage or surplus. B) the synchronization of decisions by buyers and sellers that leads to an equilibrium. C) the synchronization of decisions by buyers and sellers through the direction of government agencies. D) the situation when only the rich get the goods they want.