Jobs lost to outsourcing can be partially offset by jobs gained from:
A. higher production costs.
B. higher opportunity costs.
C. greater trade imbalances.
D. increased output from another industry.
Answer: D
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Feenstra and Taylor describe the "magnification effect" of trade. This effect describes how:
a. workers tend to complain more about trade than is justified. b. owners of capital can "magnify" their earnings if they are able to trade. c. small changes in relative prices as a result of trade lead to larger longrun changes in the real wage or rental of factors. d. unemployment is a big problem among workers but not capital because workers have to move when they are laid off.
The formula for MC is
A) TVC/q. B) q/TVC. C) ?TVC/q. D) ?TVC/?q.
John wants to buy a new lawn mower. He can either buy it in the US and pay $500 or buy it in Mexico and pay 8188 Mexican Pesos. At the exchange rate of 1 Mexican Peso=0.771US$, ignoring any other costs, he would
a. ?Prefer buying in the US b. ?Prefer buying in Mexico c. ?Be indifferent about where he buys his television d. ?None of the above
Refer to the given figure.
Based on the diagram, the nominal interest rate equals ________ and the money supply equals ________.
A. 1 percent; 500 B. 5 percent; 500 C. 7 percent; 300 D. 3 percent; 700