Outsourcing of services to foreign countries:
a. Cost the U.S. economy an estimated 5 million jobs by 2005.
b. Mainly impacts workers in business services such as data entry and software development.
c. Is a serious concern for workers in high-wage manufacturing industries.
d. Will have a serious negative impact on all service sector jobs in the United States
Answer: b. Mainly impacts workers in business services such as data entry and software development.
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Which one of the following describes the current state of economic development in the United States?
A) The United States is running out of natural resources, and therefore it will soon experience a drop in the rate of economic growth. B) Employment is declining in the manufacturing sector and growing in the service sector. C) Employment is declining in the manufacturing sector and growing in the agricultural sector. D) The lack of well-defined property rights in the United States means that entrepreneurs do not expect to capture the benefits of innovations they bring to the marketplace.
In recent years, the United States has had a general pattern of a trade ________ when it comes to the balance of trade.
a. deficit b. surplus c. plateau d. stall
Simon Kuznets's research in his National Income and Its Composition showed that
a. Keynes's absolute income hypothesis is empirically correct b. budget deficits crowd out consumption spending c. a nation's MPC tends to remain fairly constant regardless of the absolute level of national income d. as national income increases, consumption spending increases, but by diminishing amounts e. consumption and income cannot be linked in any meaningful fashion
If crude oil is a variable factor of production for a firm, then an increase in the price of crude oil will lead to:
A. a decrease in the firm's supply. B. a decrease in the quantity supplied by the firm, but no change in the firm's supply. C. an increase in the firm's supply. D. an increase in the quantity supplied by the firm, but no change in the firm's supply.