If the demand for labor ________, real wages rise and the amount of labor employed ________
A) increases; increases B) increases; decreases
C) decreases; increases D) decreases; decreases
A
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The problem for the prisoners in the prisoners' dilemma game in the above table is that
A) the Nash equilibrium is not the best outcome. B) there is no equilibrium outcome. C) neither prisoner has a workable strategy. D) None of the above answers is correct.
Over the last ten years which geographic area or country had the highest per capita growth rate?
A. Western Europe B. China C. Latin America D. North America
Because it is difficult to negotiate multilateral trade agreements, some economists argue that preferential trade agreements are always beneficial since they represent a movement toward freer trade, which is better than no movement at all. Is this argument always correct?
a. Yes; any movement toward freer trade is better than no movement at all. b. No; some preferential trade agreements may have higher trade diversion costs than trade creation gains. c. Yes; all preferential trade agreements have higher trade creation gains than trade diversion losses. d. No; all preferential trade agreements have higher trade diversion losses than trade creation gains.
One of the functions of money is to serve as a:
A. completely fixed unit of measure. B. medium of exchange. C. sole way to make payments. D. valuation tool.