Of the following, which is NOT a regional trade agreement?
a. the World Trade Organization
b. the European Union
c. the North American Free Trade Agreement
d. the Central American Free Trade Agreement
Ans: a. the World Trade Organization
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Refer to Table 4-8. If a minimum wage of $10.00 is mandated there will be a
A) shortage of 40,000 units of labor. B) surplus of 20,000 units of labor. C) surplus of 40,000 units of labor. D) shortage of 20,000 units of labor.
The demand curve for labor of Coca-Cola manufacturers will shift to the right if the
a. wages of Coca-Cola workers decrease b. price of Coca-Cola decreases c. supply curve of Coca-Cola workers shifts to the left d. price of Pepsi decreases e. new technology shifts the MPP of Coca-Cola workers to the right
When new entrants into a competitive market have higher costs than existing firms,
a. accounting profits will be the primary determinant of entry into the market. b. sunk costs become an important determinant of the short-run entry strategy. c. market price will rise. d. long-run supply is constant.
Since 1970, the Fed has usually raised interest rates to combat inflation, even when output was low.
Answer the following statement true (T) or false (F)