Expansions in globalization and the reduction of worldwide trade barriers during the 1980s and 1990s most likely had what effect on the demand for U.S. labor?
A. The demand for unskilled workers increased, while the demand for skilled workers decreased.
B. The demand for unskilled and skilled workers increased.
C. The demand for unskilled workers increased, while the demand for skilled workers did not change.
D. The demand for unskilled and skilled workers decreased.
E. The demand for unskilled workers decreased, while the demand for skilled workers increased.
Answer: E
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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
If two duopolists can stick to a cartel agreement to boost their prices, then both
A) earn greater profits than if they did not collude. B) price at marginal cost. C) price below average total cost. D) decrease their economic profits. E) increase their production so that each produces more than if they did not collude.
Nonexcludable and nonrival goods are known as
a. Public goods. b. Private goods. c. Efficient goods. . d. Those which are the last to be purchased. e. There is no such thing as goods which are both Nonexcludable and nonrival.
The supply curve of a natural resource like oil has a positive slope because
A. the supply becomes closer to exhaustion as demand rises. B. it becomes more costly to find and develop supplies as demand rises. C. rents rise as output increases. D. indirect taxes rise with output.