Which of the following describes a reason U.S. consumers might especially value trade with China?
a. China is a large market with potential to buy many U.S. exports.
b. China supplies many goods imported to the United States.
c. China and the United States have similar cultural practices.
d. China was closed off from U.S. trade for several decades.
b. China supplies many goods imported to the United States.
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Based on the work of economist A.W. Phillips, economists concluded that
A) there is no trade-off between inflation and unemployment. B) high inflation rates are associated with low unemployment rates. C) unemployment can be effectively combated by raising wages. D) higher rates of inflation are associated with higher rates of unemployment.
Externalities can be either detrimental or beneficial to others
a. True b. False Indicate whether the statement is true or false
Head Start has not been "fully funded," which means
A. there wasn't enough money to pay the teachers a salary commensurate with their skill. B. it has been run mainly by volunteers. C. there were children who were eligible to be in the classes but no slots were available. D. all of the above.
The increase in welfare in both countries that results from specialization and trade is called:
A. deadweight gain. B. exportation surplus. C. gains from trade. D. surplus enhancement.