By engaging in trade and acting in their own self interest, World War II POWs were following the economic principle of
A) division of labor. B) international trade.
C) voluntary exchange. D) comparative advantage.
C
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Draw a scatter diagram of the growth rate and the unemployment rate. Describe the relationship
What will be an ideal response?
Suppose a firm operates in the short run at a price above its average total cost of production. In the long run the firm should expect
a. new firms to enter the market. b. the market price to rise. c. its profits to rise. d. Both b and c are correct.
The minimum wage
A. leads to an increase in the number of people employed in unskilled jobs. B. is an example of a price floor. C. causes an increase in social welfare. D. leads to a decrease in the number of people employed in skilled jobs.
Nominal GDP is the
A. Value of final output produced, measured in current prices. B. Value of final output produced, adjusted for changing prices. C. Price index that refers to all goods and services included in GDP. D. Value of final output produced using American-owned factors of production.