One of the reasons economists approve of limiting trade would be
A. the preservation of a large-production company.
B. the preservation of a high-wage company.
C. the protection of the environment.
D. the preservation of a high-employment company.
Answer: C
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An increase in education and training
A) increases labor productivity. B) increases aggregate hours. C) decreases real GDP growth. D) increases the employment-to-population ratio.
In the 1970s and 1980s, the United States lost its comparative advantage in consumer electronics goods to Japan. What factor was most responsible for the development of Japan's comparative advantage in consumer electronics goods?
A) Japanese firms benefited from external economies. B) Japan has abundant supplies of natural resources needed to produce electronics goods. C) Japanese firms excelled in process technology. D) Japan has abundant supplies of labor.
The welfare program earmarked for the purchase of only some goods (and not others) accepted primarily at retail stores and supermarkets is known as
a. food stamps b. AFDC c. Medicaid d. Medicare e. Social Security
From the perspective of classical macroeconomic theory, an excess of aggregate spending would:
A. Increase aggregate output and the level of employment in the economy B. Decrease the rate of interest and lower the level of investment C. Increase consumption, and thus move the economy toward the full-employment level of output D. Increase prices, wages, and interest rates, and thus reduce aggregate spending to equal the full-employment level of output