Describe the trends in U.S. manufacturing employment and U.S. manufacturing output over the last 40 years. What factors have contributed to these?
What will be an ideal response?
Manufacturing employment is down while output and exports are up. Rising productivity and a relocation of the sector within the United States are both significant in terms of explaining people's perceptions of the situation versus the reality.
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Given the information in the table above, if the world equilibrium price of widgets were 4 cloth, then
A) both countries could benefit from trade with each other. B) neither country could benefit from trade with each other. C) each country will want to export the good in which it enjoys comparative advantage. D) neither country will want to export the good in which it enjoys comparative advantage. E) both countries will want to specialize in cloth.
The secondary effects of an economic action refer to the
What will be an ideal response?
Stagflation refers to a situation in which the economy is experiencing:
A. high economic growth and high inflation. B. low economic growth and high inflation. C. high economic growth and low inflation. D. low economic growth and low inflation.
A result of a positive externality in the production of a good is that
A. the price system will over-allocate resources to the production of that good or service. B. the market demand will be too high. C. the price system will under-allocate resources to the production of that good or service. D. the market supply will be too high.