Which of the following correctly describes how the "global pie is baked"?
A) The United States' share of economic pie is increasing while China's share is decreasing.
B) The increase in manufacturing has taken place in mainly the advanced economies.
C) Asia accounts for about 40 percent of the global pie.
D) Emerging economies account for about 25 percent of the global pie.
E) Advanced economies account for about 50 percent of the value of the world's production.
E
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A firm's demand for a resource is a(n)
a. final demand b. derived demand c. secondary demand d. induced demand e. marginal demand
If the U.S. experiences an enormous surge of immigration, we could predict it would make the labor supply:
A. increase and shift to the right. B. decrease and shift to the right. C. decrease and shift to the left. D. increase and shift to the left.
The quantity of goods and services that can be produced by one worker or by one hour of work is referred to as
A) technology. B) labor productivity. C) real GDP. D) human capital.
According to the graph, what is the reduction in U.S. lumber consumption as a result of the tariff?
a. 700,000 board feet
b. 100,000 board feet
c. 200,000 board feet
d. 300,000 board feet