Another name for a shortage is
A) excess quantity supplied.
B) excess quantity demanded.
C) equilibrium.
D) market clearing.
B
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According to chapter 1 in your textbook,
A) all economists approach questions with some preconceptions or prejudices. B) economists (and others) ought to approach all questions with a completely open mind, though they often do not. C) economists approach questions with more of an open mind than do most other social scientists. D) most economists approach questions with a completely open mind. E) most economists derive their conclusions from their political preferences.
In order for there to be a backward-bending supply of labor curve, it must be the case that
A) at low wage rates, the income effect of a wage increase exceeds the substitution effect, but at high wage rates the substitution effect of a wage increase exceeds the income effect. B) at low wage rates, the substitution effect of a wage increase exceeds the income effect, but at high wage rates the income effect of a wage increase exceeds the substitution effect. C) the income effect of a wage increase exceeds the substitution effect at all wage rates. D) the substitution effect of a wage increase exceeds the income effect at all wage rates.
Import restrictions usually benefit domestic producers at the expense of domestic consumers
a. True b. False
Which of the following measures of globalization was not affected during the aftermath of the terrorist attacks in the United States on September 11, 2001?
a. World trade b. Global foreign direct investment c. International travel and tourism d. International telephone calls e. Political engagement