Related to the Economics in Practice on p. 666: When a country opens its markets to free trade, competition ________ and efficiency ________.
A. grows; improves
B. grows; declines
C. decreases; declines
D. decreases; improves
Answer: A
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Native-born workers are more likely to be harmed by immigration if:
A. They are complementary resources to immigrant workers B. They are substitute resources to immigrant workers C. Demand for their labor is inelastic D. There is a substantial amount of backflow
After running a promotional campaign, the owners of a local shoe store decided to decrease the prices for the shoes sold in their store. One can imply that
a. The promotional expenditures made the demand for their shoes more elastic b. The promotional expenditures made the demand for their shoes more inelastic c. The promotional expenditures has no effect on the shoe demand elasticity d. The owners got it wrong. To cover the promotional expenses, they should have raised the prices.
Which of the following is not true about income quintiles?
a. Only one in seven households in the bottom quintile has anybody working full time b. Only one in three households in the top quintile has anybody working at all c. A primary contributor to the smaller share of income going to the bottom quintile has been the growth of single-parent households d. Three out of four households in the top quintile have two or more working e. A primary contributor to the larger share of income going to the top quintile has been the growth of two-earner households
Which of the following would tend to raise real wages? a. An increase in the demand for labor and no change in the supply of labor
b. A decrease in the demand for labor and no change in the supply of labor. c. An increase in the demand for labor that is greater than an increase in the supply of labor. d. Either (a) or (c).