Which of the following is NOT an argument against free trade?
A. infant-industry argument
B. countering foreign subsidies argument
C. comparative advantage argument
D. protecting domestic job argument
Answer: C
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Which of the following statements is true?
a. Deflation is an increase in the general level of prices. b. The consumer price index (CPI) measures changes in the average prices of consumer goods and services. c. Disinflation is an increase in the rate of inflation. d. Real income is the actual number of dollars received over a period of time. e. The real interest rate equals the nominal rate of interest plus the inflation rate.
If labor demand increases, the market wage rate will
a. increase b. decrease c. remain stable d. decrease initially and then rise by a larger amount e. decrease initially and then rise by a small amount
Which of the following exemplifies “featherbedding”?
a. Although only 20 work stations were operational, the union contract increased the number of shift personnel to 25. b. As a message of protest, union members walked out of the plant in response to management’s recent directive. c. During the day shift, union leadership regularly held impromptu informational meetings with union members. d. Union committee members and management negotiators planned for a long night at the bargaining table.
A decrease in the availability of an important major resource such as oil shifts aggregate supply left.
Answer the following statement true (T) or false (F)