Ricardo's theory encourages ______ because it suggests that trade is a positive-sum game where all participating countries realize economic gains
Fill in the blank(s) with the appropriate word(s).
free trade
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Identify the disadvantage of public goods
Suppose that technological progress increases the productivity of teachers. Which of the following accurately describes the labor market for teachers after the technological change? Equilibrium wages will
a. rise, and the equilibrium quantity of teachers employed will fall. b. rise, and the equilibrium quantity of teachers employed will rise. c. fall, and the equilibrium quantity of teachers employed will fall. d. fall, and the equilibrium quantity of teachers employed will rise.
The typical cost curves are U-shaped due to the
A. law of diminishing marginal utility. B. law of demand. C. law of supply. D. law of diminishing marginal product.
Considering the future
A) is irrelevant to macroeconomics. B) is key to macroeconomic modelling. C) has a limited impact on macroeconomic analysis. D) matters only under special circumstances.