Suppose that the labor movement has a revival in the United States and the majority of workers join labor unions. As a result we would expect
A) the labor force participation rate to fall.
B) the unemployment rate to fall.
C) the unemployment rate to rise.
D) no change in the unemployment rate or labor force participation rate.
Answer: C
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The above figure shows the U.S. market for replacement cell phone batteries. With free trade, U.S. production is equal to ________ batteries per year
When a $2 tariff is in place, U.S. production is equal to ________ batteries per year. A) 900,000; 700,000 B) 300,000; 100,000 C) 100,000; 500,000 D) 300,000; 500,000 E) 100,000; 300,000
When people alter their preferences when a choice is presented in a certain way, it is called:
a. anchoring b. framing c. the endowment effect d. compartmentalizing
According to the World Bank, low-income economies are heavily concentrated in:
a. Europe and Africa. b. Europe and Asia. c. Asia and Africa. d. Asia and Australia. e. North America and Australia.
In the large country case, when a tariff is imposed, the country:
a. sees a terms-of-trade gain. b. is able to reduce world price of the imported good. c. is going to experience an increase in consumer surplus. d. sees a terms-of-trade gain and is able to reduce world price of the imported good.