The United States can reduce its trade deficit by limiting imports through tariffs
a. True
b. False
Indicate whether the statement is true or false
False
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Because minimum wage is a price floor
A) it will maximize consumer surplus. B) it will create a deadweight loss. C) it will be set below the market equilibrium price. D) it will increase the number of jobs available in the labor market.
One reason for international specialization in production is
a. differing national tastes b. diseconomies of scale in production c. a high world price for a good d. resources are plentiful in all nations e. people have limited wants for domestically produced goods and services
Suppose that some country had an adult population of about 46 million, a labor-force participation rate of 75 percent, and an unemployment rate of 8 percent. How many people were unemployed?
a. 2.54 million b. 2.76 million c. 3.68 million d. 8 million
Hold-up:
A. mitigates worker shirking. B. makes spot exchange efficient. C. solves the principal-agent problem. D. is a hazard associated with relationship-specific exchange.