Discuss the relationship between U.S. competitiveness relative to other countries and standards of living in the United States
What will be an ideal response?
There is very little relationship between U.S. competitiveness and the American standard of living. First, the United States is not in competition with other countries even though U.S. firms may compete with firms in other countries. Second, trade is mutually beneficial, so improvements in productivity in one country can make people better off in another country. The standard of living in the United States is a function of how well the U.S. economy functions within the country and not relative to other countries.
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A) change in factor incomes B) change in the labor force C) technological change D) economic growth
Unemployment caused by permanently decreased demand for horse - drawn carriages is an example of
A) frictional unemployment. B) discouraged unemployment. C) seasonal unemployment. D) structural unemployment. E) cyclical unemployment.
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Answer the following statement true (T) or false (F)
The cross-price elasticity of demand for books and magazines is ?2.0. If the price of magazines decreases by 10 percent, the quantity demanded of books will:
A. rise by 20 percent. B. rise by 2.0 percent. C. fall by 20 percent. D. fall by 2.0 percent.