In general in the real world labor market the:
A. price effect usually dominates, and thus we assume a downward sloping supply curve.
B. income effect usually dominates, and thus we assume an upward sloping supply curve.
C. income effect usually dominates, and thus we assume a downward sloping supply curve.
D. price effect usually dominates, and thus we assume an upward sloping supply curve.
Answer: D
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Use the following graph, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product, to answer the next question.
If this economy was entirely closed to international trade, equilibrium price and quantity would be
A. Pa and x. B. Pc and z. C. Pa and z. D. Pc and v.
In the case of the Ford Pinto, Ford decided that
A) it would be cheaper to pay damages to families involved in crashes than to fix the problems with the Pinto. B) it would be more expensive to pay damages to families involved in crashes than to fix the problems with the Pinto. C) the problems with the Pinto could not be easily or cheaply fixed. D) it would not be held liable for damages caused by the Pinto and therefore had no reason to fix them.
Mitsubishi Corporation of America builds a car in Normal, Illinois, and ships it to Japan for sale. In which country’s GDP is this production included?
A. Japan B. Both Japan and the United States C. In Japan as retail value and the United States as wholesale value D. Half the value in Japan and half in the United States E. The United States
Regulators and supervisors of banks are challenged by all of the following, except:
A. globalization of financial services. B. technological innovation. C. the use of new financial instruments that shift risk without shifting ownership. D. reinforcement by Congress of functional and geographic barriers in banking.