Resources are allocated most efficiently across the country and around the world when traders specialize in producing those goods for which they have a comparative advantage, and trade for the other things that they need
Indicate whether the statement is true or false
true
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Suppose the economy is experiencing a recessionary gap. In the long run, if aggregate demand does not change, the following events happen: the money wage rate ________, unemployment ________, and the price level ________
A) falls; rises; falls B) falls; falls; falls C) rises; rises; rises D) rises; falls; rises
The largest component of output growth in the U.S. is
a. labor productivity growth. b. capital growth c. labor growth. d. knowledge growth. e. None of the above.
When U.S. computer companies hire workers in India to staff their customer service call centers, they are engaging in
A) predatory pricing. B) unfair trade practices. C) outsourcing. D) labor engagement.
Which of the following is true about an oligopoly equilibrium in comparison with equilibrium under similar circumstances but with perfect competition?
a. Output is smaller and price is lower than under perfect competition. b. Output is smaller and price is higher than under perfect competition. c. Output is larger but price is higher than under perfect competition. d. Output is larger and price is lower than under perfect competition.