If at the prevailing real wage rate, the quantity of labor supplied exceeds the quantity demanded
A) there is a shortage of labor.
B) the real wage rate will rise to restore equilibrium.
C) the real wage rate is greater than the equilibrium real wage rate.
D) None of the above answers is correct.
C
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A country can gain by importing a good that it can make itself if
a. this enables the country to make another good in which it is extremely efficient. b. it has an absolute disadvantage in the good. c. this permits the country to establish comparative advantage in the good. d. All of the above are correct.
The consumption function
A. is a relationship between annual consumption and annual disposable income in an economy. B. will shift upward if aggregate household wealth declines. C. implies that annual consumption in an economy will be zero if disposable income is zero. D. is a flat line with zero slope.
Refer to the information provided in Table 33.3 below to answer the question(s) that follow. Table 33.3
Refer to Table 33.3. If the exchange rate is $1 = 2 euros, then
A. the United States will import both raspberries and chocolate. B. the United States will import raspberries and Belgium will import chocolate. C. Belgium will import both raspberries and chocolate. D. Belgium will import chocolate.