The base year is the year
A) in which prices are unstable.
B) in which prices are lowest.
C) in which prices are highest.
D) that serves as a reference point or benchmark.
E) in which nominal output is largest.
D
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"Trade is generally harmful if there are large disparities between countries in wages."
A) This is generally true. B) This is generally false. C) Trade theory has nothing to say about this issue. D) This is true if the trade partner ignores child labor laws. E) This is true if the trade partner uses prison labor.
When the U.S. cuts funding for border patrol, the labor market in California is affected. We would expect the:
A. supply of labor to shift to the right. B. supply of labor to shift to the left. C. demand for labor to shift to the right. D. demand for labor to shift to the left.
If a person were in the 25% tax bracket and given the choice of a $500 credit or a $2500 deduction,
A. he would take the credit every time. B. he would not care. They would constitute the same tax benefit. C. he would take the deduction every time. D. he would not qualify for either.
Demand is a schedule of
A) how much of a good a person wants. B) how much of a good people will purchase at each different possible price. C) how much of a good people will purchase at each income level. D) each possible price and the amount people will buy when their incomes change.