Trade barriers that restrict imports from developing countries tend to be:
A. Highest in the capital goods and technology sectors of those economies
B. Lowest in the labor-intensive manufacturing sectors of those economies
C. Lowest for those products in which DVCs have a comparative advantage
D. Highest for those products in which DVCs have a comparative advantage
D. Highest for those products in which DVCs have a comparative advantage
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If income is equally distributed, the Gini ratio is zero
Indicate whether the statement is true or false
The idea of comparative advantage is related to
A) the idea of opportunity cost. B) the idea of absolute advantage. C) using the worker with the most diverse sets of skills. D) engineering efficiency.
Suppose the economy is experiencing a recessionary gap. In the long run, the money wage rate ________, unemployment ________, and the price level ________.
What will be an ideal response?
Corporate profits are taxed twice because
A. capital gains are not indexed to the rate of inflation. B. it is economically efficient to reduce the amount of retained earnings. C. the government wants to minimize the amount of tax paid on capital gains. D. taxes are collected on profits before profits are distributed to shareholders.