When the total U.S. production of goods and services is divided into consumption goods and services, capital goods, government goods and services, and export goods and services, the largest component is
A) consumption goods and services.
B) capital goods.
C) government goods and services.
D) export goods and services.
E) capital goods and government goods and services tie for the largest component.
A
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Economists often say that trade is a win-win situation. How do you justify this?
Explain the concept of scale economies. Explain the difference between internal and external scale economies. What pattern of trade do we expect to see in industries with substantial external scale economies?
What will be an ideal response?
If we were to compare the hourly earnings of union and nonunion workers in recent years, we would find that
A) unions have not succeeded in raising the hourly incomes of their members above nonunion members. B) unions have succeeded in raising the hourly incomes of their members above nonunion members. C) state government unionized employees have earned less in hourly wages than nonunion government employee. D) union members have increased their hourly incomes, but are still below the hourly incomes of nonunion members.
Refer to the information provided in Table 30.2 below to answer the question(s) that follow.
Table 30.2
Refer to Table 30.2. From 2015 to 2016 the real wage
A. rises. B. falls. C. stays the same. D. rises then falls.