Someone who has a job but is absent from work because she is on vacation is counted as "employed."
a. True
b. False
Indicate whether the statement is true or false
True
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What is the dumping argument for protection from international trade?
A) Domestic firms must be protected until they gain a comparative advantage. B) Any firm necessary in wartime must be protected. C) Foreign producers selling below cost to drive domestic firms bankrupt must be stopped. D) Domestic jobs must be protected from competition from low-paid foreign workers. E) Foreigners selling products in the economy limit the nation's diversity and stability.
When new technology eliminates existing jobs but simultaneously creates jobs making new and better products elsewhere in the economy, economists refer to this situation as
A) the classical dichotomy. B) technological balance. C) creative destruction. D) sectoral shifts.
If personal taxes were decreased and resource productivity increased simultaneously, the equilibrium ________.
A. price level would necessarily rise B. price level would necessarily fall C. output would necessarily fall D. output would necessarily rise
Suppose that the market price of good X equals the firm's cost of producing that good, but it does not reflect any costs imposed on society. Which of the following is FALSE?
A. The good is priced too low. B. An external benefit is associated with good X. C. Too much of good X is being produced. D. Resources are over-allocated in the production of good X.