As of 2014, using real GDP per person as a measure, we would classify
a. the United States and Mexico as advanced economies and Bangladesh as a middle-income country.
b. Canada as an advanced economy, Mexico as a middle-income country, and Pakistan as a poor country.
c. Japan and India as advanced economies and Mexico as a poor country.
d. Japan as an advanced economy, the United Kingdom as a middle-income country, and Argentina as a poor country.
b
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Which of the following is likely to happen due to a contractionary monetary policy?
A) An increase in the inflation rate B) An increase in labor supply C) An increase in the federal funds rate D) An increase in labor demand
The table above shows techniques that can be used to produce 100 shirts. If the price of an hour of labor is $20 and the price of a unit of capital is $8, then the economically efficient technique is
A) W. B) X. C) Y. D) Z.
One of the most important thing we might do to lower our trade deficit is
A. raise the excise tax on gasoline. B. lower the personal income tax. C. prevent the Japanese from building automobile factories in the United States. D. tax our exports.
If the labor pool effect of globalization is equal in strength to the market expansion effect, then globalization will lead to __________ in wages and __________ in the number of workers hired.
A. a decrease; no change B. no change; an increase C. an increase; no change D. no change; a decrease