Why is free trade considered helpful to businesses?
a. It gives consumers more choices.
b. It increases competition.
c. It opens up wider markets.
d. It keeps consumer prices down.
c. It opens up wider markets.
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The U.S. employment-to-population ratio peaked in 2000 and in 2012 fell to 58 percent, a level not seen since the early 1980s. This fall in the employment-to-population ratio ________ the equilibrium quantity of labor and ________ potential GDP
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
Governments can prevent the overuse of private goods by assigning property rights
a. True b. False Indicate whether the statement is true or false
Refer to the above production possibilities curves. Curve (a) is the current curve for the economy. The movement from curve (a) to curve (b) suggests:
A. a movement from unemployment to full employment. B. a decline in the total output of this society. C. an improvement in consumer goods technology but not in capital goods technology. D. an improvement in capital goods technology but not in consumer goods technology.
A firm finds that it must increase wages to attract extra workers. The firm will hire labor up to the point where the marginal:
A. Product of labor equals the wage rate B. Revenue product of labor is greater than the wage rate C. Revenue product of labor starts to decline D. Revenue product equals the additional cost of hiring an extra worker