The division of productive activities among persons and regions so that no one individual or area is totally self-sufficient is known as
A) advantage-taking.
B) comparative value.
C) specialization.
D) outsourcing.
Answer: C
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
Among the most important indicators used by the NBER Business Cycle Dating Committee to determine the beginning of the 2007-2009 recession were all of the following except:
A. industrial production. B. total sales in manufacturing, wholesale trade, and retail trade. C. nonfarm employment. D. the consumer price index.
In a labor market, employment
A) and the wage rate are higher when the market is a monopsony than when the market is competitive. B) is higher and the wage rate is lower when the market is a monopsony than when the market is competitive. C) is lower and the wage rate is higher when the market is a monopsony than when the market is competitive. D) and the wage rate are lower when the market is a monopsony than when the market is competitive.
Polar ice cap shrinks further and thins With global warming of the planet, the polar ice cap is shrinking. As the Arctic Sea expands, more underwater mineral resources will be accessible
Countries are staking out territorial claims to parts of the polar region. Source: The Wall Street Journal, April 7, 2009 Explain how ownership of these mineral resources will influence the amount of damage done to the Arctic Sea and its wildlife.