Which statement is false?
A. International trade helps every country.
B. The economics profession is nearly unanimous in advocating free trade.
C. The jobs that are lost due to foreign imports can be gained by our export sector.
D. Recent Presidents of the United States support free trade in word and deed.
D. Recent Presidents of the United States support free trade in word and deed.
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Gross domestic product is the
A) value of the final goods and services produced in a country during a specific time. B) total amount that buyers spent on the final goods and services produced in a country during a specific time. C) total amount of income earned in producing the final goods and services in a country during a specific time. D) All of the above answers are correct.
Explain the income effect and the substitution effect due to an increase in the wage rate
What will be an ideal response?
Which of the following would be considered an ongoing expense?
A. Raw materials B. Advertising C. Employee salaries D. All of these could be considered ongoing expenses.
In 1798, An Essay on the Principle of Population was written by
A. Adam Smith. B. Thomas Malthus. C. Karl Marx. D.David Ricardo.