Seasonally adjusted unemployment rates:
A. adjust for the predictable summer increase in the unemployment rate for teenagers.
B. adjust for the predictable summer decrease in the unemployment rate for teenagers.
C. are the same as the unadjusted rates in periods of bad weather.
D. are not calculated for the U.S. economy.
Answer: A
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Which of the following is TRUE according to the case study on U.S. / China trade presented in the chapter?
A) China has relative abundance in capital. B) China has relative abundance in skilled labor. C) The United States has relative scarcity in unskilled labor. D) The United States has relative scarcity in capital.
All points inside the production possibilities curve indicate
A) a lack of sufficient supply. B) inefficiency in production. C) the law of increasing relative cost. D) the law of decreasing relative cost.
When economies of scale exist:
a. per unit production costs increase as output expands b. per unit production costs decline as output expands. c. marginal cost must decrease as output expands. d. per unit production costs remain constant as output expands.
Which of the following is true?
a. In recent decades, the volume of U.S. international trade has been declining as a share of the economy. b. Most of the textile products produced in the United States are exported abroad. c. The volume of U.S. trade with Canada is larger than for any other country. d. If one party to an international exchange gains, the other party must lose a similar amount.