Which of the following theorems predicts that trade benefits the abundant factors of a country and harms the scarce factors?
A) The Stolper-Samuelson theorem.
B) The Rybczynski theorem.
C) The Heckscher-Ohlin theorem.
D) None of the above.
A
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Which of the following is a reason why it is difficult to estimate the extent of economic discrimination in the labor market?
A) Differences in wages can be attributed to many other factors as well, such as differences in productivity and preferences. B) Ultimately, employers who discriminate cannot remain profitable. C) Employers who discriminate pay an economic penalty. D) Employers who discriminate are likely to do so in overt ways such as awarding some workers with benefits-in-kind.
In 2012, all of fast-food chains expanded their hours of operation, with nearly 40% of all McDonald's restaurants being open 24 hours per day. This strategy was aimed at increasing sales because:
A) it was estimated that nearly one-fifth of all employed Americans worked primarily in the evening contributing to the demand for fast-food in late hours. B) it was estimated that consumers who shop at night tend to be more price sensitive. C) it was believed that longer hours of operation would lead to greater brand loyalty. D) none of the above.
A simple loan involves
A) interest payments from the borrower to the lender periodically during the life of the loan. B) no payment of interest by the borrower to the lender. C) payment of interest by the borrower to the lender only at the time the loan matures. D) payment only of principal. by the borrower to the lender at maturity.
Suppose you received a 3 percent increase in your nominal wage. Over the year, inflation ran about 6 percent. Which of the following is true?
a. Your real wage fell. b. Your nominal wage fell. c. Both your nominal and real wages decreased. d. Although your nominal wage fell, your real wage increased. e. Both nominal and real wages increased.