Behavioral economics uses insights from both psychology and economics.
Answer the following statement true (T) or false (F)
True
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"More productive workers receive higher wages than less productive workers." This observation is a major flaw in which of the following arguments for protectionism?
a. The infant industry argument. b. The national security argument. c. The employment argument. d. The cheap foreign labor argument.
Assume that the expectation of a recession next year causes business investments and household consumption to fall, as well as the financing to support it. If the nation has low mobility international capital markets and a fixed exchange rate system, what happens to real GDP and the nominal value of the domestic currency in the context of the Three-Sector-Model? a. Real GDP falls and nominal
value of the domestic currency remains the same. b. Real GDP and nominal value of the domestic currency remain the same. c. Real GDP falls and nominal value of the domestic currency rises. d. Real GDP falls and nominal value of the domestic currency falls. e. There is not enough information to determine what happens to these two macroeconomic variables.
In the last 30 years, the U.S. has become much more __________ on international trade.
Fill in the blank(s) with the appropriate word(s).
We would expect unions to have a more difficult time negotiating higher wages for their members when
A) labor represents a small portion of total costs. B) the product produced makes up a small portion of families' budgets. C) the product produced has several close substitutes. D) there are not good substitutes for labor in the production process.