Which of the following is NOT a beneficial aspect of trade?
A. Someone who owns a good of relatively little value can trade it for something they value more.
B. Trade frees people from the need to produce everything themselves.
C. Trade allows people to specialize in whatever they do best.
D. Trade eliminates the problem of scarcity.
D. Trade eliminates the problem of scarcity.
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In the figure above, if information technologies are introduced that are complements for high-skilled workers and substitutes for low-skilled workers, the wage rate of high-skilled workers will ________ and the wage rate of low-skilled workers will
________. A) rise; fall B) fall; rise C) fall; fall D) rise; rise
If you are vacationing in France and the dollar depreciates relative to the euro, then
a. the dollar buys more euros. It will take fewer dollars to buy a good that costs 50 euros. b. the dollar buys more euros. It will take more dollars to buy a good that costs 50 euros. c. the dollar buys fewer euros. It will take fewer dollars to buy a good that costs 50 euros. d. the dollar buys fewer euros. It will take more dollars to buy a good that costs 50 euros.
The minimum payment you are willing to accept to do a job is your:
A. reservation price. B. value of marginal product. C. real wage. D. nominal wage.
Monetary policy is conducted by
A. only the president. B. only Congress. C. both the president and Congress. D. neither the president nor Congress.