Discouraged workers are classified by the BLS as
A) part of the labor force.
B) not in the labor force.
C) unemployed.
D) employed.
E) part-time employees.
Answer: B
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Monopolistic competition is characterized by
A. one firm selling several products. B. many firms selling the same product. C. many firms selling slightly different products. D. one firm selling one product.
If the CPI was 108.00 in 1942 and is 336.96 today, then $10 in 1942 purchased the same amount of goods and services as
a. $2.57 purchases today. b. $28.89 purchases today. c. $31.20 purchases today. d. $38.89 purchases today.
Why shouldn’t Japan make its main production sector agriculture?
What will be an ideal response?
Which of the following statements is true?
A) The principle of comparative advantage provides a basis for trade when two nations have the same opportunity cost of producing a good. B) The principle of absolute advantage provides a basis for the determination of the terms of trade between two trading nations. C) The principle of absolute advantage forms the basis of trade when a nation can produce more of all the goods and services compared to the other nations. D) The principle of comparative advantage provides a range of prices within which trade will occur.