What country has the greatest degree of globalization?
a. United States
b. Germany
c. South Korea
d. China
c. South Korea
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Who benefits from imports?
A) domestic consumers B) domestic producers C) foreign consumers D) Both answers A and B are correct.
If the minimum wage increased, then at any given rate of inflation
a. both output and employment would be higher. b. neither output nor employment would be higher. c. output would be higher and unemployment would be lower. d. output would be lower and unemployment would be higher.
Critics of the Phillips curve argue that in the long run
A) there is no trade-off between inflation and unemployment because workers' expectations adjust to any systematic attempts to reduce unemployment below the natural rate. B) employees are not able to anticipate future rates of inflation, and therefore unemployment can always be reduced by inflating the economy. C) there is a trade-off between unemployment and inflation. D) for any given unemployment level there is a corresponding inflation rate to which the economy will automatically revert.
List and describe three different input markets
What will be an ideal response?