Adverse supply shocks can cause a recession with increasing price level.
Answer the following statement true (T) or false (F)
True
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According to the text, which of the following statements BEST describes U.S. factor abundance in 1947?
a. Taking into account different labor productivities, the U.S. "effective" labor force was much larger than the "effective" labor force in the rest of the world. b. Taking into account different labor productivities, the U.S. '"effective" labor force was much smaller than the "effective" labor force in the rest of the world. c. Taking into account productivities of capital in different industries, the U.S. "effective" capital stock was much smaller than the '"effective" capital stock force in the rest of the world. d. Corrected data indicate that the United States was actually was a laborabundant and capitalpoor country in 1947.
What is the price elasticity of demand? How is the price elasticity of demand calculated?
What will be an ideal response?
A Nash equilibrium occurs when
A) players choose their best strategy given the strategies chosen by others. B) the efficient allocation of resources is achieved by setting marginal revenue equal to marginal cost. C) a monopolist is forced to produce the efficient level of output. D) oligopolists cooperate with each other.
From 1960 to 2012
A) the U.S. economy roughly tripled in size. B) U.S. imports roughly tripled in size. C) the share of US Trade in the global economy roughly tripled in size. D) U.S. Imports roughly tripled as compared to U.S. exports. E) U.S. exports roughly tripled in size.