How does expanding worldwide trade produce gains for all the nations that participate?
What will be an ideal response?
Expanding trade produces lower prices of goods and services for consumers, access to global markets for exporters, and access to new ideas. In addition, valuable resources, like oil or lumber, can be more readily accessed. All nations will have a comparative advantage in some goods or services, so that all can participate and gain from specialization and trade.
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Name a supply shock that has affected the U.S. economy on more than one occasion
What will be an ideal response?
In the United States in 2014, over 90 percent of people without health insurance were below the age of 35
Indicate whether the statement is true or false
Persistence is
A) the tendency for declines in economic activity to be followed by further declines, and for growth in economic activity to be followed by more growth. B) the idea that the standard pattern of contraction—trough—expansion—peak occurs again and again in industrial economies. C) the tendency of many economic variables to move together in a predictable way over the business cycle. D) the idea that peaks and troughs of the business cycle occur at regular intervals.
Craft unions attempt to increase wages in their profession by
a. increasing labor demand b. decreasing labor demand c. decreasing labor supply d. increasing labor supply e. exclusive dealing contracts