One of the most effective international cartels ever formed was in
a. steel
b. iron
c. wheat
d. rubber
e. oil
E
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The official U-3 unemployment rate includes the total number of people who
A) have jobs or are currently looking for jobs. B) are available and looking for work but unable to find employment. C) would like to have a job but have stopped seeking work. D) would like to have a full-time job but are working part-time.
A decrease in price will cause a firm's total revenue to decrease if demand is price inelastic
a. True b. False Indicate whether the statement is true or false
Congressman Smith cites the "jobs argument" when he argues in favor of restrictions on trade; he argues that everything can be produced at lower cost in other countries. The likely flaw in Congressman Smith's reasoning is that he ignores the fact that
a. there is no evidence that any worker ever lost his or her job because of free trade. b. unemployment of labor is not a serious problem relative to other economic problems. c. the gains from trade are based on comparative advantage. d. the gains from trade are based on absolute advantage.
Briefly describe some of the demographic trends that are predicted to increase the government's budget deficit