A country has a comparative advantage in a product if the world price is _____ than that country's domestic price without trade
Fill in the blank(s) with correct word
higher
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
Since 1980, union membership in the United States has
a. grown rapidly b. grown slowly c. declined rapidly d. declined slowly e. stayed the same
Suppose your friend is strong on defense and insists that we must bolster our national defense, whatever the cost. How can you use economic logic to make him or her aware of the opportunity costs associated with his or her objective?
From 1979-2007, labor income for U.S. households became more evenly distributed.
Answer the following statement true (T) or false (F)