The elimination of barriers to the international flow of labor tends to:
A. Lower the wage rates for all labor
B. Raise the wage rates for all labor
C. Increase worldwide production efficiency
D. Decrease worldwide production efficiency
C. Increase worldwide production efficiency
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If there is an excess supply of sport utility vehicles, then:
A. quantity demanded is greater than quantity supplied. B. quantity supplied is greater than quantity demanded. C. demand is greater than supply. D. supply is greater than demand.
A(n) ________ variable is calculated from within the model. A(n) ________ variable can never be taken as given
A) endogenous; endogenous B) exogenous; endogenous C) endogenous; exogenous D) exogenous; exogenous E) none of the above
Economists normally assume that the goal of a firm is to (i) sell as much of its product as possible. (ii) set the price of the product as high as possible. (iii) maximize profit
a. (i) and (ii) only b. (ii) and (iii) only c. (iii) only d. (i), (ii), and (iii)
After the United States introduces a tariff in the market for widgets, the price of widgets in the United States will: Incorrect Response
A. decrease. B. increase. C. remain the same. D. change in an indeterminate manner.