U.S. Trade Adjustment Assistance:
a. is not available to workers in manufacturing.
b. is not available to workers displaced by NAFTA.
c. is not available to workers in service industries.
d. expired with the advent of the WTO in 1995.
Ans: c. is not available to workers in service industries.
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An important difference between a perfectly competitive firm and a monopolist is
A) the size of the industry. B) the primary objective of the firms. C) a monopolist only produces in the long run, while a perfect competitor only produces in the short run. D) the price it charges to sell additional units of a good.
If real GDP is increasing more rapidly than population:
a. population must be declining. b. the country will have to export more than it imports. c. the general level of prices must be increasing. d. per capita real GDP will be increasing.
A potential implication of OSHA regulation is that
A. the most risk-averse workers begin working the riskiest jobs. B. the hedonic wage function may no longer exists at the safest levels. C. average wages increase. D. the hedonic wage function may no longer exists at the riskiest levels. E. for the same amount of output produced, total production costs will be less.
In January 2009, the President submitted a bill to Congress that was designed to stimulate the economy and increase employment. The legislation was passed in March 2009, and the spending occurred from June 2009 to September 2010. Consequently
A. the full impact of the bill would be felt by the end of September 2010. B. the full impact of the bill would be felt by March 2009 because people anticipated the effects of the increased spending. C. the economy should have been at full employment by December 2009. D. the full effect of the spending would be felt some time after September 2010 because the full multiplier effects could not be felt until all the increase in spending took place.