Which of the following statements about trade is true?
A. Tradeinvolves a winner and a loser.
B. Trade often hurts both parties in the long run.
C. Trade is a zero sum proposition.
D. Trade can benefit both parties.
D. Trade can benefit both parties.
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Which of the following best defines an expansion?
a. Real GDP is below its potential level. b. Real GDP is increasing. c. Unemployment is unusually high. d. Real GDP is decreasing. e. Real GDP exceeds its potential level.
Average variable cost and average total costs get closer together as output increases because
A) diminishing returns set in. B) average fixed costs decrease as output increases. C) marginal costs decrease as output increases. D) economies of scale become apparent.
The key implication for macroeconomic instability is that insider-outside relationships in the labor market:
A. Contribute to the downward inflexibility of wages B. Help reduce the downward inflexibility of wages C. Increase the velocity of money D. Reduce the velocity of money
The size of the labor force in a country is equal to the:
A) number of unemployed workers in the country. B) number of employed workers plus the number of unemployed workers in the country. C) number of employed workers in the country. D) number of employed workers minus the number of unemployed workers in the country.