The wage gap between skilled and unskilled worker has
a. risen; some economists argue that this is partly due to increased international trade.
b. risen; some economists argue that this is partly due to decreased international trade.
c. fallen; some economists argue that this is partly due to increased international trade.
d. fallen; some economists argue that this is partly due to decreased international trade.
a
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Unions contribute to
a. structural unemployment but not the natural rate of unemployment. b. the natural rate of unemployment but not structural unemployment. c. both structural unemployment and the natural rate of unemployment. d. neither structural unemployment nor the natural rate of unemployment.
When production is characterized by persistently declining long-run average costs as output increases
A) the costs of production are greater when competition exists than when a single firm produces a good. B) it is impossible for two firms to compete in the market. C) the costs are lower if a single firm exists, and even if the firm is unregulated, price will still be lower with a single firm. D) there is no need for the government to limit competition by licensing requirements.
The interest rate that the Fed charges banks to borrow funds from the Fed is the
A. federal funds rate. B. money market rate. C. nominal interest rate. D. discount rate.
In the Solow model, if f(k) = 2k0.5, s = 0.1, n = 0.1, and d = 0.05, what is the value of f(k) at equilibrium?
A. 2/3 B. 8/3 C. 4/3 D. 2