Which of the following is most likely to result if the Congress passes the living wage law?
a. Cost-push inflation
b. Demand-pull inflation
c. Deflation
d. Recession
e. Stagnation
a
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The U.S. has the largest trade deficit with China. How will a ban on trade with China affect the current account of the U.S.?
What will be an ideal response?
Refer to Table 29-1. Use the information in the table to prepare a balance of payments account and find the value of the statistical discrepancy. Assume that the balance on the capital account is zero
What will be an ideal response?
If total explicit costs are equal to total implicit costs, then economic profit is zero
Indicate whether the statement is true or false
Suppose the supply of dollars increased from S1 to S2 in Figure 36.3. As a result of this change,
A. U.S. computer exports to Switzerland will be lower-priced. B. The Swiss franc will lose value worldwide. C. Swiss chocolate imports to the United States will be lower-priced. D. A trade surplus will be created in Switzerland.