"Owners of firms in young industries should be willing to incur temporary losses if they believe that those firms will be profitable in the long run.". This observation helps to explain why many economists are skeptical about the
a. national-security argument.
b. infant-industry argument.
c. unfair-competition argument.
d. jobs argument.
b
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In ________, health care spending per person based on income per person is significantly higher than the average for most other countries
A) the United States B) Austria C) Norway D) Canada
When actual inflation is greater than expected inflation
A) the natural rate of unemployment rises, according to Phillips-curve analysis. B) cyclical unemployment rises, according to Phillips-curve analysis. C) there are transfers from borrowers to lenders. D) there are transfers from lenders to borrowers.
Assume that in the economy real GDP grows at a constant rate. There has just been a decrease in the rate of growth of the population. This implies that the
A) rate of growth of per capita real GDP will decrease. B) rate of growth of per capita real GDP will increase. C) rate of growth of capital accumulation will decrease. D) rate of growth of capital accumulation will increase.
If an increase in the government-imposed minimum wage pushes the price (wage) of unskilled labor above market equilibrium, which of the following will most likely occur in the unskilled labor market?
a. An increase in quantity of unskilled labor demanded. b. A decrease in the quantity of unskilled labor supplied. c. A shortage of unskilled labor. d. A surplus of unskilled labor (unemployment).