Which of the following helps explain growing income inequality in the United States in recent years?
A. Reduced immigration.
B. Increased demand for highly skilled workers.
C. The falling labor force participation rate of women.
D. Increased power of unions.
Answer: B
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Import restrictions due to the imposition of tariffs by the U.S. government
A) will ultimately cause inefficient resource allocation in the United States. B) will lead to lower incomes in the economy of U.S. trade partners. C) will lead to a decline in the quantity of the product consumed in the United States. D) all of the above are likely to occur
Owners of buildings can expect to collect ____ economic rent in the long run.
A. much B. marginal C. a competitive D. little or no
How are the fundamental economic decisions determined in Cuba?
A) Individuals, firms, and the government interact in a market to make these economic decisions. B) These decisions are made by the country's elders who have had much experience in answering these questions. C) The government decides because Cuba is a centrally planned economy. D) The United Nations decides because Cuba is a developing economy.
Assume that Nation A's production possibilities is either 30 units of bricks or 50 units of wheat. Nation B's production possibilities is 20 units of bricks and 40 units of wheat. Which of the following is true?
A. Nation A is the least-cost producer of wheat B. The high-cost producer of bricks is Nation A C. The opportunity cost of wheat production is lower in Nation B D. According to the principle of comparative advantage, Nation B should specialize in the production of bricks