International trade
A. raises the standard of living in all trading countries.
B. lowers the standard of living in all trading countries.
C. leaves the standard of living unchanged.
D. raises the standard of living for importing countries and lowers it for exporting countries.
Answer: A. raises the standard of living in all trading countries.
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The natural rate of unemployment consists of frictional unemployment plus cyclical unemployment
Indicate whether the statement is true or false
Advocates of the New Growth Theory claim that they have improved upon the neoclassical model by
a. focusing on the rate of investment, rather than the amount of investment b. adding population growth to the list of key variables c. assuming that knowledge obtained in one country would be easily available to those in othercountries d. making technological change a part of the model, rather than something brought in from theoutside e. none of the above
The change in total utility arising from a one-unit increase in consumption of a good is referred to as
a. average utility b. the principle of diminishing marginal utility c. real income d. marginal utility e. price
Which of the following is most likely to increase the market wage rate in a job category?
a. The employer provides a generous pension plan. b. The work is widely viewed as safe and not stressful. c. The job is widely viewed as interesting and prestigious. d. The job requires employees to move from city to city quite often.