Something other than exploiting cheap foreign labor must be driving international trade
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following would understate the consumer price index?
a. Substitution bias. b. Deteriorating quality of products. c. Improving quality of products. d. Law of demand bias.
For policymakers, the problem with a recessionary gap is ________ and the problem with an expansionary gap is ________.
A. a tendency for inflation to increase; wasted resources B. an increase in cyclical unemployment; an increase in structural unemployment C. wasted resources; a tendency for inflation to increase D. an increase in structural unemployment; an increase in cyclical unemployment
Indians and Indian-Americans have played a pivotal role in powering Silicon Valley's digital revolution. The emigration of talented people from countries like India to countries like the United States is often called:
A. credentialism. B. the brain drain. C. Malthusianism. D. outsourcing.
The production possibilities curve for two products is bowed out because
A. the qualities of the resources are not identical. B. there are unemployed resources. C. as the production of a good increases, opportunity cost is unchanged. D. as the production of a good increases, opportunity cost increases.