One concern regarding the North American Free Trade Agreement (NAFTA) was that it would lead:
A. highly skilled workers in the United States to lose their jobs.
B. unskilled workers in the United States to lose their jobs.
C. the total value of goods and services produced by the United States to fall.
D. wages in Mexico to rise.
Answer: B
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Suppose the price of chocolate chip cookies is $4.00 per pound and the price of a slice of cake is $2.00 per slice. The relative price of cake in terms of cookies is
A) 1/2 pound of cookies per cake. B) 2 pounds of cookies per cake. C) 1/2 slice of cake per cookie. D) 2 slices of cake per cookie.
In Keynes' view, labor unions would resist wage cuts, but individual employees would go along with wage cuts initiated by his/her employer
Indicate whether the statement is true or false
If inflation is both high and volatile:
A. nominal interest rates will also be high and volatile since real interest rates are stable. B. lenders may be unwilling to lend out of fear of unexpected increases in inflation. C. real interest rates will also be high and volatile since nominal interest rates are stable. D. borrowers may be unwilling to borrow out of fear of unexpected increases in inflation.
According to the Lucas supply function, workers who experience a positive price surprise will work more hours when
A. the income effect dominates the substitution effect. B. there is no income effect from a positive price surprise. C. the substitution effect dominates the income effect. D. there is no substitution effect from a positive price surprise.