If nations trade on the basis of comparative advantage
A. a nation can usually gain only it has an absolute advantage.
B. all trading partners share equally in the gain.
C. all trading partners share in the gain with distribution determined by their negotiating ability.
D. a nation with an absolute advantage gains more than the other nations.
C. all trading partners share in the gain with distribution determined by their negotiating ability.
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Suppose that the federal budget is balanced when GDP is at potential GDP. If equilibrium GDP falls below potential,
A) this will result in a current budget deficit. B) government transfer payments will be rising and tax receipts will be falling. C) the cyclically adjusted budget will be balanced. D) All of the above are correct.
Which of the following is an example of a positive statement?
A) Prices determine what goods and services are produced in a market economy. B) The government of the Soviet Union determined the three fundamental questions of microeconomics (i.e., what is produced, how it is produced, who receives the product). C) The production of goods and services should be determined by market prices. D) A and B
Refer to the information provided in Figure 8.11 below to answer the question(s) that follow. 
Figure 8.11Refer to the Figure 8.11. Assuming wool is a perfectly competitive industry, the demand curve faced by each wool producer is ________ starting at $3.00 per pound.
A. vertical B. horizontal C. downward-sloping D. upward-sloping
Have unions been successful at raising wages for their members? What about raising wages for all workers?
What will be an ideal response?