The economic gains from expanding international trade are measured in hundreds of billions of dollars.
Select whether the statement is true or false.
A. True
B. False
A. True
This statement is true. The economic gains from expanding international trade are measured in hundreds of billions of dollars.
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Under a system of rent controls, landlords are more likely to
A) discriminate against middle aged tenants. B) discriminate against students. C) discriminate against wealthy tenants. D) experience high vacancy rates. E) maintain apartments in better condition.
Open market operations are
A) the buying and selling of existing U.S. government securities in open private markets by the Fed in order to change the money supply. B) the buying and selling of existing U.S. government securities in open private markets by citizens. C) the selling of new government securities by banks in order to increase the money supply. D) the selling of new government securities in open private markets by banks in order to finance the deficit.
In 1980, in order to stimulate agricultural production, Fidel Castro allowed Cuban farmers to sell their goods directly to consumers and keep whatever profit they made. Some farmers were earning $50,000 per year, compared with the average worker income of $2,400. The workers resented this. Castro denounced the farmers as “capitalist gangsters” and closed the free markets. Cuban cash income declined 5 percent and fresh vegetables were in short supply. This illustrates the economic concept of the
A. law of comparative advantage. B. equality-efficiency trade-off. C. cost disease of the service sector. D. unemployment-inflation trade-off. E. All of these responses are correct.
The unemployment rate will decrease whenever there is
a. an increase in the number of persons classified as unemployed.
b. a decrease in the number of unemployed relative to the size of the labor force.
c. a decrease in the size of the population and there is no change in the number of persons classified as employed.
d. a reduction in the size of the labor force.
e. a decrease in the number of unemployed and the population does not change.