Construction workers frequently sponsor political lobbying in support of greater public spending on highways and public buildings. One reason for this is to:
A. restrict the supply of construction workers.
B. increase the elasticity of demand for construction workers.
C. increase the demand for construction workers.
D. increase the price of substitute inputs.
Answer: C
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Tests of the Heckscher-Ohlin model by Bowen, Leamer, and Sveikauskas and by Maskus continue to
A) provide strong support for the theory. B) provide weak support for the theory. C) provide evidence against the theory.
An adverse supply shock would cause the FE line to
A) shift to the right. B) shift to the left. C) remain unchanged. D) remain unchanged if the shock is temporary; shift to the right if the shock is permanent.
When economists talk about a demand schedule for a product, they mean
A) the amount of a good that consumers intend to purchase at each price in a set of possible prices in a given time period. B) the amount of a good that consumers are able to purchase (though they might not be willing to) at different prices in a given period of time. C) the amount of a good that consumers intend to purchase at only one particular price in a given period of time. D) the amount of a good that producers are willing to make available for sale at a particular price in a given time period.
Refer to the above data. This nation's exports are:
a. $9 billion b. $28 billion c. $16 billion d. $24 billion