If managers at a firm were rewarded for meeting production quota, then:
A. all managers would just meet the quota.
B. all managers would exceed the quota.
C. some managers would rebel and not meet the necessary quota.
D. some managers would just barely exceed the quota.
Answer: D
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If net exports are equal to net foreign investment, which of the following is not true?
A) The balance on the financial account is zero. B) The current account balance is equal to the negative of the financial account balance. C) Net capital inflows are equal to imports minus exports. D) The balance of payments is zero.
John takes 10 minutes to iron a shirt and 20 minutes to type a paper. Harry takes 10 minutes to iron a shirt and 30 minutes to type a paper. Which of the following statements is correct?
a. Harry has a comparative advantage in ironing. b. Harry has a comparative advantage in typing. c. Harry has an absolute advantage in typing. d. Harry has an absolute advantage in ironing. e. Neither can gain from specialization and exchange.
According to the economic theory of labor markets, if unions are successful in raising wages, with no accompanying increase in labor productivity, then which of the following is true?
a. The quantity of labor demanded by profit-maximizing firms will decline. b. The quantity of labor demanded by profit-maximizing firms will increase. c. The quantity of labor supplied by workers will decline. d. There will be a shortage of labor in the unionized labor market.
According to empirical observations, the cost of restricting international trade in the U.S. is much greater than the benefits generated from restriction. In the light of the above observation, which of the following statements is true?
a. The benefits of protecting domestic jobs typically outweigh the costs. b. Consumers end up paying much more for the goods they buy in order to subsidize the relatively inefficient domestic producer. c. U.S. GDP would be over $14 billion higher with import restrictions than without restrictions. d. Protection of the U.S. textile and sugar industries means that all consumers pay a lower price for clothing and sugar. e. Protection of the domestic industries enable the producers to charge lower prices for their products.