Opening trade between a nation that has “cheap labor” and one that has “expensive labor” will
A. lower the standard of living in both countries.
B. raise the standard of living in both countries.
C. make some workers less efficient.
D. lead to an inappropriate allocation of resources.
Answer: B
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Identify the 3 curves in the above figure
A) (1 ) is long-run aggregate supply, (2 ) is short-run aggregate supply, (3 ) is aggregate demand. B) (1 ) is aggregate demand, (2 ) is short-run aggregate supply, (3 ) is long-run aggregate supply. C) (1 ) is short-run aggregate supply, (2 ) is long-run aggregate supply, (3 ) is aggregate demand. D) (1 ) is long-run aggregate supply, (2 ) is aggregate demand, (3 ) is short-run aggregate supply.
The only way to get people to make risky investments is to offer ______________.
Fill in the blank(s) with the appropriate word(s).
Suppose the given supply and demand tables reflect the supply and demand for milk per week. At a price of $1, there is a:Price(per gallon)Quantity demanded (gallons per week)Quantity Supplied (gallons per week)$12,0001,000$21,5001,500$31,0002,000$45002,500
A. shortage of 2,500 gallons per week. B. surplus of 500 gallons per week. C. surplus of 1,000 gallons per week. D. shortage of 1,000 gallons per week.
In a repeated game, cooperation can be enforced by the use of a trigger strategy that
A) leads to a higher payoff of the cheated upon player. B) reduces the payoff of the player that reneged the agreement. C) rewards the player that reneged the agreement. D) is a dominant strategy.