Which of the following groups has an interest in encouraging free trade?
A. Neither workers nor producers in any industry are in favor of trade.
B. Workers in import-competing industries.
C. Producers in import-competing industries.
D. Workers in export industries.
Answer: D
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Labor productivity in the United States has: a. been growing at ever-increasing rates since World War II
b. been growing but at lower rates in the last 25 years compared to the 25 years immediately after World War II. c. been falling for the last 50 years. d. remained largely unchanged over the last 50 years. e. been growing more rapidly in the last 50 years than in most other developed economies.
Firms operating in a _____ market sell their products in a market where other firms produce identical products
a. monopoly b. perfect competitive c. monopsony d. duopoly
Suppose total cost is $1,000 when output is zero, $1,200 when output is one, and $1,500 when output is two, then which of the following is true?
a. Average total cost is $500 when two units of output are produced. b. Total fixed cost is $1,500. c. The marginal cost of producing the first unit of output is $1,200. d. The marginal cost of producing the second unit of output is $300.
Which of the following statements about the long-term labor supply is FALSE?
A. Technology changes, such as the introduction of air conditioning in the mid-20th century, can have an impact on regional labor supply. B. The growth rate of the working-age population has been declining since 1980. C. Immigration provides an insignificant proportion of the overall growth of the workforce. D. Programs funded by payroll taxes, such as Social Security and Medicare, face problems from a slowdown in the growth of the working-age population.