Which of the following statements is true?
A) The concept of opportunity costs cannot be illustrated within a PPF framework.
B) If scarcity did not exist, neither would a PPF.
C) All PPFs are downward-sloping straight lines.
D) There are more attainable points than unattainable points in every PPF diagram.
B
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One area of labor issues that the labor side agreement to NAFTA does not open to foreign consultation or investigation is
A) the use of child labor. B) worker exposure to unsafe conditions. C) minimum wages. D) worker's rights to organize. E) worker exposure to toxic hazards.
An increase in the U.S. money supply would cause the value of the dollar to ________ and U.S. net exports to ________ in the short run using a Keynesian model
A) fall; fall B) fall; rise C) rise; rise D) rise; fall
A major cause of volatility in the value of the U.S. dollar is ________
A) foreign exchange interventions by the U.S. Treasury B) change in U.S. net exports C) change in the expected value of the dollar D) disagreement among policy makers
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is Qs = 0.02W - 200, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the inverse supply function for coal miners?
A. W = 0.02Qs - 200 B. W = 0.02Qs + 200 C. W = 50Qs + 10,000 D. W = 200Qs + 500