As the U.S. economy relies more and more heavily on the production of services rather than goods,
A. International trade will become more difficult.
B. Nearly all future job growth will be in service-producing industries.
C. GDP will decrease since there will be less real production.
D. Mass unemployment will result.
Answer: B
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What is the dumping argument for protection from international trade?
A) Domestic firms must be protected until they gain a comparative advantage. B) Any firm necessary in wartime must be protected. C) Foreign producers selling below cost to drive domestic firms bankrupt must be stopped. D) Domestic jobs must be protected from competition from low-paid foreign workers. E) Foreigners selling products in the economy limit the nation's diversity and stability.
The cost of raising beef cattle has risen at the same time as consumer preference for beef has fallen. In the market for beef, this would be represented by the equilibrium price ________ and the equilibrium quantity ________
A) increasing or decreasing; increasing B) increasing; increasing or decreasing C) increasing or decreasing; decreasing D) decreasing; increasing or decreasing
Staggered, overlapping contracts mean
A) the contract between workers and firms can be opened for renegotiation if other key firms in the industry have signed a new contract within the last ninety days. B) each firm within an industry agrees to negotiate with the union according to a schedule. C) not all labor contracts within the economy expire at the same time. D) different contracts are reached for the different skill classifications of workers within a firm.
The slope of a straight line can be determined by:
A. comparing the absolute horizontal change to the absolute vertical change between two points on the line. B. comparing the absolute vertical change to the absolute horizontal change between two points on the line. C. taking the reciprocal of the vertical intercept. D. comparing the percentage vertical change to the percentage horizontal change between two points on the line.