If the United States imports low-cost goods produced in low-wage countries instead of producing the goods domestically,
a. the United States will incur a net loss of total jobs.
b. the United States will gain, and domestic resources will be employed more productively.
c. dollars that leave the United States will not return to buy goods produced by high-wage American workers.
d. the availability of consumption goods in the United States will be reduced.
B
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If total output increases from $100 billion to $200 billion as population increases from 100 million to 150 million, then output per person:
A. doubles. B. decreases C. increases, but by less than 100 percent. D. remains constant.
In the above figure, if the price is $2, then the total consumer surplus is
A) triangle abc. B) triangle cef. C) trapezoid adec. D) trapezoid bdfc.
Outsourcing generally results from
A) unpatriotic behavior. B) comparative advantage. C) tax evasion. D) rent seeking.
Social insurance taxes are paid by corporations based on their profits.
Answer the following statement true (T) or false (F)