The Phillips Curve implies a trade-off between
A) investment and saving.
B) inflation and unemployment.
C) employment and income.
D) investment and government deficits.
B
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The difference between what can be produced and consumed without specialization and trade and with specialization and trade is called:
a. comparative advantage. b. a tradeoff. c. marginal cost. d. opportunity cost. e. gains from trade.
An economy in which output has decreased and prices have increased would suggest that there has been a:
A. positive supply side shock. B. negative supply side shock. C. positive demand side shock. D. negative demand side shock.
What are the likely consequences of providing monetary incentives to politicians for good performance?
What will be an ideal response?
Relative to a no-international-trade initial situation, if the United States had a comparative advantage in wine production and exported wine, the U.S. domestic price of wine:
a. would rise, but domestic output would fall. b. would fall, but domestic output would rise. c. would rise, and domestic output would rise. d. would fall, and domestic output would fall.