At the international level, the division of labor increases output through
a. tariffs.
b. economies of scale.
c. standardization.
d. exchange rates.
b. economies of scale.
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A downturn in the economy occurs when real GDP
a. declines, inflation moderates, and full employment exists b. declines, inflation occurs, and unemployment emerges c. declines, inflation moderates, and unemployment emerges d. is sustained at a relatively high level, but inflation moderates, and unemployment emerges e. is sustained at a relatively high level with full employment, but inflation moderates
Jamaica has a comparative advantage in the production of aluminum, but currently allows no international trade in aluminum. We can conclude that a. the domestic price of aluminum in Jamaica is higher than the world price for aluminum. b. Jamaica has an absolute advantage in the production of aluminum
c. Jamaica should import aluminum. d. the domestic price of aluminum in Jamaica is lower than the world price for aluminum.
In the graph showing the data for the short-run and long-run Phillips curve from 1961–1973, we can see that, in the early 1970s, ______.
a. the inflation rate remained high, but the unemployment rate remained low
b. the unemployment rate remained high, but the inflation rate remained low
c. both the unemployment and inflation rates were relatively low
d. both the unemployment and inflation rates were relatively high
Firms that pool deposits by customers to purchase stocks or bonds are known as:
A. mutual fund companies B. investment banks C. thrifts D. insurance companies