The Ricardian model of comparative advantage lends support to the argument that
A) trade tends to worsen the conditions of unskilled labor in rich countries.
B) trade tends to worsen the conditions of owners of capital in rich countries.
C) trade tends to worsen the conditions of workers in poor countries.
D) trade tends to worsen the conditions of workers in rich countries.
E) trade is mutually beneficial to the countries that engage in it.
E
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The portion of unemployment that is attributable to an overall decline in the economy's business activity is called: a. frictional unemployment. b. underemployment
c. cyclical unemployment. d. structural unemployment.
If the marginal rate of substitution between tea and sugar is constant, then tea and sugar can be considered _____
a. perfect complements b. perfect substitutes c. merit goods d. inferior goods
Arrow's impossibility theorem shows that it is impossible to find a better voting system than pairwise majority voting
a. True b. False Indicate whether the statement is true or false
Fiscal policy affects
A. Interest rates only, and therefore does not affect the level or mix of output. B. Both the level and the mix of output. C. The level of output only. D. The mix of output only.