In general, free-trade makes the people of a country better off.
Answer the following statement true (T) or false (F)
True
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The demand for labor is a derived demand. Employers hire workers until the
a. wage rate equals the average product of labor. b. wage rate equals the marginal revenue product of labor. c. last worker hired adds nothing to total output. d. average product of labor is zero.
The U.S. Postal Service engages in price discrimination
a. True b. False Indicate whether the statement is true or false
The Phillips curve trade-off relationship implies that
A. the government can fine-tune the economy and pick the most preferred combination of unemployment and inflation. B. there is no relationship between inflation and unemployment, at least in the long run. C. low unemployment can be obtained only by generating rapidly increasing inflation. D. the government can fine-tune the economy and generate both the natural rate of unemployment and zero inflation.
The immediate-short-run aggregate supply curve represents circumstances where:
A. both input and output prices are fixed. B. both input and output prices are flexible. C. input prices are fixed, but output prices are flexible. D. input prices are flexible, but output prices are fixed.