If the government stops granting temporary work permits to foreign nationals, the demand for labor will ________, the supply of labor will ________, and the quantity of labor hired will ________
A) increase; decrease; decrease B) increase; decrease; remain the same
C) remain the same; increase; decrease D) remain the same; decrease; decrease
D
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A private subsidy has what effect on the amount of a good or service produced? Is a private subsidy an appropriate policy to offset the inefficiency from an external cost or an external benefit?
What will be an ideal response?
Potential GDP refers to
A) the extent to which real GDP is above or below nominal GDP. B) the difference between the highest level of real GDP per quarter and the lowest level of real GDP per quarter within any given year. C) the level of GDP attained when all firms are producing at capacity. D) the level of GDP attained by the country with the highest growth in real GDP in a given year.
Trade only occurs if there are only winners, and no losers, as a result of the trade
Indicate whether the statement is true or false
Which of the following would not shift the production possibilities frontier?
a. an increase in worker training b. a war that destroyed many buildings c. a technological improvement that improved fuel efficiency in cars d. a decrease in the size of the labor force e. a change to a more inefficient production process