As a whole, nations are better off after trade and specialization because
A) nations can consume along their production possibilities curve, which is outside of their consumption possibilities curve.
B) nations can consume along their consumption possibilities curve, which is inside of their production possibilities curve.
C) nations experience an inward shift of their production possibilities curve.
D) nations can consume along their consumption possibilities curve, which is outside of their production possibilities curve.
D
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The first economist to systematically analyze market failure was
A) Adam Smith. B) J. E. Meade. C) Ronald Coase. D) A. C. Pigou.
The Fed has set a uniform reserve requirement of 3 percent for all deposits in the U.S. banking system
a. True b. False Indicate whether the statement is true or false
Let's be careful about defining our terms properly. Aggregate supply is the total value of
a. goods produced in the manufacturing sector that they are willing and able to supply at varying price levels b. goods and services that firms in the economy are willing and able to supply at varying price levels c. services that suppliers are willing and able to supply at varying price levels d. goods and services less the amount exported that firms are willing and able to supply at varying price levels e. goods and services including imports that firms are willing and able to supply at varying price levels
Many economists estimate that for every 10% increase in relative minimum wage rates, there is a corresponding decrease in employment of those affected equal to
A. 5-10%. B. 10-20%. C. 1-2%. D. 50-70%.