An employer-employee relationship is
a. a nonmarket relation
b. a principal-agent relation
c. a comparable worth relation
d. a substitution relation
e. a winner's curse
B
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When the domestic price level increases, exports decrease and imports increase. Other things the same, this change is illustrated by a
A) movement upward along the aggregate demand curve. B) movement downward along the aggregate demand curve. C) rightward shift of the aggregate demand curve. D) leftward shift of the aggregate demand curve. E) rightward shift of the aggregate supply curve.
A negative externality occurs when
A) there is rent-seeking. B) benefits are imposed on individuals that are not part of a transactions. C) there is creative destruction. D) costs are imposed on individuals that are not part of a transaction.
The more difficult the goal, the more likely military force is going to be needed to back up economic sanctions
Indicate whether the statement is true or false
When a producer has the ability to produce a good or service at a lower opportunity cost than others, economists say the producer:
A. has no reason to trade with others. B. has a comparative advantage at producing that good. C. has an absolute advantage at producing that good. D. is efficient in production.