If the United States has a trade deficit, this means that
A. The U.S. economy produces more than it consumes.
B. Exports exceed imports.
C. Trade activity is limited to just a few goods.
D. The trade balance is negative.
Answer: D
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Refer to Figure 2-5. If the economy is currently producing at point W, what is the opportunity cost of moving to point Y?
A) 2 million tons of paper B) 14 million tons of steel C) 9 million tons of paper D) 2 million tons of steel
According to the U.S. Bureau of Labor Statistics, between 2000 and 2005, real wages in concrete work fell by 16.5%, despite a soaring demand for workers
This implies that the supply of workers in this field increased faster than the demand for workers. Indicate whether the statement is true or false
Futures trading practices in the United States are regulated by
A) the Chicago Board of Trade. B) the Chicago Mercantile Exchange. C) the Commodities Futures Trading Commission. D) the Board of Futures Trading.
Work is an attractive use of your time
a. if the utility of consumption made possible by work exceeds the disutility of work itself b. whenever you are paid a wage equal to or greater than the minimum wage c. whenever you derive utility from the consumption made possible through work d. unless time spent working is a source of disutility e. only when marginal utility is negative for an additional unit of leisure