"The United States has fallen behind Japan and most of Europe in terms of competitiveness." Do you agree or disagree? Why?
What will be an ideal response?
Disagree. According to the Institute for Management Development, the United States leads the industrial countries in international competitiveness.
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The absence of the Southern economy's ability to earn foreign exchange and its markets severely impacted all non-local trade in the U.S. after the Civil War
Indicate whether the statement is true or false
Suppose there are four industries. Labor costs are 80 percent of total costs in industry A, 60 percent in B, 45 percent in C, and 10 percent in D
In which of these industries will a 10 percent increase in the price of labor reduce quantity demanded of labor by the largest proportion? A) A B) B C) C D) D
Which of the following states the definition of supply?
a. More of a good is supplied at a lower price. b. There is a positive relationship between the price of a good and the quantity that buyers purchase. c. There is a positive relationship between the price of a good and the quantity offered for sale by suppliers. d. There is a negative relationship between the price of a good and the quantity offered for sale by suppliers.
When the government levies a $100 million tax on people's income and puts the $100 million back into the economy in the form of a spending program, such as new interstate highway construction, the:
a. tax, then, generates a $100 million decline in real GDP. b. level of real GDP expands by $100 million. c. effect on real GDP is uncertain. d. tax multiplier overpowers the income multiplier, triggering a rollback in real GDP.