The ratio at which a country can trade its exports for imports from other countries is called
A) a free trade agreement. B) the terms of trade.
C) a trade barrier. D) autarky.
B
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The position of the long-run Phillips curve depends on
a. the inflation rate and the natural rate of unemployment. b. the inflation rate but not the natural rate of unemployment. c. the natural rate of unemployment, but not the inflation rate. d. neither the natural rate of unemployment nor the inflation rate.
Consider the accompanying payoff matrix.
If both firms offer reduced rates, each earns ________, and if both firms keep their rates high, each earns ________.
A. 500; 300 B. 300; 50 C. 50; 300 D. 300; 500
implicit contracts are employment contracts that stipulate workers' wages for a specific period of time, usually 1 to 3 years.
Answer the following statement true (T) or false (F)
Between 1950 and 2015 the productivity of wheat farmers in the United States more than doubled. This means that
A) the total amount of wheat produced more than doubled. B) the amount of land and other resources devoted to wheat production more than doubled. C) the amount of wheat produced by the average farmer more than doubled. D) the incomes of wheat farmers more than doubled.