For the six years following the passage of the North American Free Trade Agreement (NAFTA),
a. the U.S. economy had some of the slowest job growth and highest unemployment in its history.
b. the U.S. economy had some of the most rapid job growth and low unemployment in its history.
c. the U.S. economy had some of the most rapid job growth and modest unemployment in its history.
d. the U.S. economy had some of the slowest job growth and modest unemployment in its history.
b. the U.S. economy had some of the most rapid job growth and low unemployment in its history.
You might also like to view...
The two main characteristics of the production function are
A) it slopes downward from left to right, and the slope becomes flatter as the input increases. B) it slopes upward from left to right, and the slope becomes steeper as the input increases. C) it slopes upward from left to right, and the slope becomes flatter as the input increases. D) it slopes downward from left to right, and the slope becomes steeper as the input increases.
A monopoly misallocates resources when it
A) restricts output so that the marginal benefit of the last unit sold exceeds the marginal social cost of producing the good. B) makes an above-normal profit. C) sells the same product to different groups of customers at different prices. D) exploits scale economies.
Price elasticity of supply:
A. is the percentage change in the quantity supplied of a good or service divided by the percentage change in the price of the good or service. B. measures consumers' responsiveness to a change in price. C. is always a negative number. D. is the percentage change in the price of a good or service divided by the percentage change in the quantity supplied of the good or service.
Within the Keynesian aggregate expenditure-output model, if an economy operates below full employment:
a. a reduction in wage rates and resource prices will soon restore full-employment equilibrium. b. a reduction in the real interest rate will soon restore full-employment equilibrium. c. an increase in the real interest rate will soon restore full-employment equilibrium. d. the economy may remain below full employment unless aggregate expenditures increase.