NAFTA refers to a 1994 agreement that eliminated most tariffs among which countries?
A) Canada, the United Kingdom, and Mexico
B) the United States, the United Kingdom, and Mexico
C) the United States, Canada, and Mexico
D) the United States, Mexico, and Cuba
Answer: C
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Which of the following best defines capital as a factor of production?
A) the gifts of nature that businesses use to produce goods and services B) the knowledge and skills that people obtain from education and use in production of goods and services C) financial assets used by businesses D) instruments, machines, and buildings used in production
In the Classical model, the aggregate supply curve determines the
A) price level. B) inflation rate. C) level of output. D) money supply.
Refer to the below graph of the market for low-skilled labor. Sd is the supply of domestic resident workers, and St is the total supply of labor including undocumented workers. What is the equilibrium wage rate and equilibrium employment if there were no illegal immigration?
A. $14 and 142M, respectively
B. $13 and 135M, respectively
C. $14 and 120M, respectively
D. $17 and 135M, respectively
When spending is greater than output, firms will experience falling inventories, and prices of goods and services will rise.
Answer the following statement true (T) or false (F)