Since 1960, Canadian labor force participation rate has ________ and the unemployment rate has ________.
A) trended higher; trended lower
B) trended lower; varied over the business cycle
C) trended higher; varied over the business cycle
D) trended higher; trended higher
E) varied over the business cycle; trended higher
C) trended higher; varied over the business cycle
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Immigrants made up approximately what percent of the labor force in the U.S. in 2007?
A. 5% B. 25% C. 16% D. 33%
The principle of diminishing marginal product states:
A. the total output produced increases as the quantity of the input increases. B. the marginal product of an input decreases as the quantity of the input increases. C. the marginal product of an input eventually will be negative. D. the total output produced decreases as the quantity of the input increases.
At the equilibrium price, deadweight loss is:
a. minimized. b. zero. c. maximized. d. equal to the equilibrium price multiplied by the quantity exchanged.
Comparative advantage indicates that:
a. specialization and exchange will permit trading partners to maximize their joint consumption. b. a nation can gain from trade only if it is not at an absolute disadvantage in producing all goods. c. a nation can gain from trade only when its trading partners are not low-wage countries. d. countries should export products for which they are high-opportunity cost producers.