Assume a country agrees to a free-trade act with another country. In the process, some individuals are displaced from their jobs, thus the free-trade act results in a negative externality
A) False
B) True
C) Only if those who were displaced are not compensated with another job or income transfer.
D) Only if those who were displaced were compensated with another job or income transfer.
C
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Union members earn about the same wage level as nonunion members in the same industry.
Answer the following statement true (T) or false (F)
How do we measure economic growth?
a. Increases in the price level, as indicated by the GDP chain price index. b. Increases in nominal GDP. c. Increases in real GDP. d. Increases in the labor force.
A recessionary gap is the amount by which
A. total planned real expenditures exceed total planned production in the long run. B. the short-run equilibrium level of real GDP is below the full-employment level of real GDP. C. the short-run equilibrium level nominal GDP is above the short-run real GDP. D. the short-run equilibrium level nominal GDP is below the short-run real GDP.
Maximum Feasible Hourly Production Rates of EitherComputers or Bicycles Using All Available ResourcesProductUnited StatesCanadaComputers810Bicycles42Refer to the above table. It may be concluded that
A. The United States will export both goods. B. The United States will export computers and import bicycles. C. The United States will import both goods. D. Canada will export computers and import bicycles.