The figure shows the U.S. market for flip?flops. With international trade, the United States imports ________ flip?flops.
Fill in the blank(s) with the appropriate word(s).
Answer: 400,000
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How can bonuses to exceptional employees be considered economic rents?
Scarcity is
A) a situation of shortage after a hurricane. B) a permanent human condition relative to the nearly limitless nature of human desires. C) represented by long lines at stores. D) the same thing as poverty.
According to the classical model, changes in aggregate demand are driven by
a. changes in taxes. b. changes in borrowing and lending. c. changes in fiscal policy. d. demand curve to the left and increases the price level.
Free trade is ________, because it ________ the size of the pie available to the economy.
A. inefficient; decreases B. efficient; increases C. inefficient; increases D. efficient; decreases