When the profits of firms that produce import-competing goods and services fall, these firms ________ their workforce, unemployment in these industries ________, and wages ________
A) cut; decreases; rise
B) cut; decreases; fall
C) cut; increases; fall
D) expand; increases; rise
E) cut; increases; rise
C
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Consider two individuals, Celia and Sondra, who produce bracelets and pendants. Celia's and Sondra's hourly productivity are as follows:
Bracelets /hour Pendants /hour Celia 4 1 Sondra 10 2 Who has the absolute advantage or comparative advantage in the production of bracelets or pendants?
Countries with high labor costs tend to:
a. rely on only one method for the production of goods b. use more labor rather than capital in the production process. c. use more capital rather than labor in the production process. d. be relatively poor countries.
Which of the following categories of goods and services is included in the CPI?
a. food b. transportation c. housing d. All of these.
As far as contributions to a professional sports team's bottom line are concerned, players generally receive
a. about what they are worth. b. about half of what they are worth. c. about twice what they are worth. d. about ten times more than what they are worth.