Which of the following statements about markets is correct?
I. A market helps resources move to their highest-valued uses by means of prices changes.
II. A market represents the exchanges of both buyers and sellers
A) I only
B) II only
C) Both I and II
D) Neither I nor II
Answer: C
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As demonstrated by the labor supply schedule, the quantity of labor supplied depends on
A) workers' productivity. B) the value of the dollar. C) the nominal wage. D) the amount of labor that firms want to hire. E) the real wage.
A) A recent news report stated that the unemployment rate in the country Lithasia had increased from 10.2% to 18.2% from 2003 to 2013 and that the government had adopted strict fiscal measures to expand employment
Would this report be considered microeconomic or macroeconomic analysis? b) Students in a class are discussing how a firm should determine its profit-maximizing output. Would this discussion be considered microeconomic or macroeconomic analysis?
Refer to Figure 19-10. Under the Bretton Woods System of exchange rates, if the par exchange rate was $2 per pound in the figure above, and equilibrium persisted at $3, then a revaluation of the currency would have
A) led to a balance of trade surplus. B) increased the price of imports to Britain. C) led to a current account surplus. D) increased the price of British exports to the United States.
What is the relationship between imports and employment?
What will be an ideal response?