The argument that trade generates gains for all workers may NOT be true because:
a. a more realistic assumption includes capital and land as factors of production and recognizes that trade will generate gains for some factors and losses for others.
b. greedy corporations exploit workers.
c. technology gains are concentrated among lowskill workers.
d. some workers lack skills and training and cannot find jobs.
Answer: a. a more realistic assumption includes capital and land as factors of production and recognizes that trade will generate gains for some factors and losses for others.
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A black market is a market where buying and selling take place
A) in non-licensed shops and warehouses. B) at prices that violate government price regulations. C) after regular office hours. D) on foreign soil.
The base year matters for the computation of real GDP because
A) otherwise we cannot compute growth rates. B) relative prices can change over time. C) it allows an international comparison of GDP. D) it establishes a target for macroeconomic policy.
If Happy Feet chooses to Ad and Best Nails then chooses to Ad, Happy Feet earns ________ million in net profit and Best Nails earns ________ million.
Happy Feet wants to prevent Best Nails from entering the nail salon market. The above game tree illustrates the different strategies and corresponding payoffs for the two firms. Both Happy Feet and Best Nails have the same strategies of advertising (Ad) or not advertising (No Ad). The payoffs represent net profit in millions.
A) $4; $1
B) $1; $4
C) $5; $1
D) $2; $3
Welfare banks are
A. illegal. B. check-cashing stores. C. credit unions operated by local welfare departments. D. bank branches located in poor neighborhoods.