The country with which we have the fastest growing trade deficit is __________.
Fill in the blank(s) with the appropriate word(s).
China
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Using the production possibilities frontier model, unemployment is described as producing at a point
A) on the exact middle of the PPF curve. B) on either end of the PPF curve. C) inside the PPF curve. D) outside the PPF curve.
Why does the government work to eliminate artificial barriers to entry?
What will be an ideal response?
The trend in current tariff laws is to
A) raise tariffs on foreign goods. B) keep tariffs the same. C) lower tariffs on foreign goods. D) abolish tariffs all together.
Suppose a powerful labor union negotiates a wage for its members above the equilibrium wage rate in a nonunionized market. A likely result of this is that:
A. The union will have difficulty recruiting new members B. Union members will be able to work more overtime than before C. This firm will make up for the higher wage rate by expanding output D. Not everyone who wants to work at the new wage will be able to find jobs