If trade is mutually beneficial, then increasing trade
A. Reduces income for workers in export industries.
B. Makes countries less interdependent.
C. Leads to increased output in export industries.
D. Increases the welfare of producers that compete with importers.
Answer: C
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Which of the following statements is true?
A) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as with a stock clearance sale. B) Economics is a social science that studies the trade-offs we are forced to make because resources are unlimited. C) Every individual, no matter how rich or poor, is faced with situations that require trade-offs. D) Any time you have to decide which action to take you are experiencing economic equity.
Cartels are inherently unstable
a. True b. False
Which of the following statements would come from someone classified as unemployed?
a. I'm not working because I'm going to Jamaica with my buddy. b. I haven't had a job in a year, and I stopped looking for a job nine months ago. c. I'm a full-time student at the University of Illinois who doesn't have time to work. d. I can't stand my current job as a telemarketer. I used to be a nuclear engineer. e. I'm not working. I had three interviews this week, and I'm trying to find a job.
When your income decreases, which of the following items are you likely to postpone buying first?
A. health insurance B. new iPhone C. food D. gas