What is the relationship between imports and unemployment?
What will be an ideal response?
There is no causal link between imports and unemployment. In many cases unemployment falls when imports increase. Industries that have lost the most employment over the last forty years have been industries that were protected by tariffs and quotas. Protecting one industry usually means some export industry will see a decline.
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The payment made to an owner of a resource in excess of the opportunity cost of the resource is
a. economic rent b. economic profit c. wages d. interest e. opportunity cost
An example of an excludable good or service is a:
A. city park. B. movie in a theater. C. levee system. D. rainbow.
The largest category of the unemployed are
A. reentrants. B. job losers. C. new entrants. D. job leavers.
Refer to the above table. If the price is $3, the perfectly competitive firm should produce
A. 104 units. B. 105 units. C. 103 units. D. 102 units.