Differences in tastes among nations
a. make gains from trade possible even in the absence of differences in resource endowments
b. make gains from trade possible only when there are differences in resource endowments
c. negate any potential gains from trade
d. are caused by differences in resource endowments
e. occur only among countries whose people are of different religions
A
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Refer to the below graphs. (Assume that the pre-migration labor force in Country A is 100 and that it is 150 in country B.) The migration of labor will:
A. Increase domestic output in both countries
B. Decrease domestic output in both countries
C. Increase domestic output in country A and decrease domestic output in country B
D. Decrease domestic output in country A and increase domestic output in country B
In a game with multiple Nash equilibria, all of the following can be used to determine the equilibrium of the game except which one?
A) the Focal point B) a coin flip C) the Pareto criterion D) refinements
The labor supply curve reflects how
a. workers' decisions about the labor-leisure tradeoff respond to a change in the wage. b. workers' decisions about the opportunity cost of labor respond to a change in the quantity of labor supplied. c. firms' decisions about the labor-leisure tradeoff respond to the quantity of labor demanded. d. firms' decisions about how the quantity of labor they hire respond to changes in their opportunities to earn profits.
The nominal value of any economic statistic refers to the number that is actually announced at that time, while the ________________ refers to the statistic after it has been adjusted for inflation.
Fill in the blank(s) with the appropriate word(s)