Refer to Table 2-9. If the two countries specialize and trade, who should export wristwatches?
A) Thailand
B) They should both be importing wristwatches.
C) Japan
D) There is no basis for trade between the two countries.
A
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Which of the following best illustrates a perfectly competitive market?
A. jeans B. breakfast cereal C. electric power D. soybeans
Refer to the below table and information. For maximum profits, how many labor-units will the monopsonist hire and what will be the wage rate paid?
In the table below, a monopsonist has the marginal-revenue-product schedule for labor given in columns 1 and 2, and the supply schedule for labor is given by columns 1 and 3.
A. 2 and $10
B. 3 and $11
C. 4 and $12
D. 5 and $13
Assume that an economy's real GDP multiplier is 2 and that this economy is in equilibrium at $500 billion. If the government wants to move this economy to full-employment at $600 billion, while maintaining a balanced budget, it must choose which of the following options?
a. Increase government spending and taxes by $100 billion b. Decrease government spending and taxes by $100 billion c. Increase government spending and taxes by $200 billion d. Decrease government spending and taxes by $200 billion
A.W. Phillips collected data on the rate of change in money wages and plotted it against unemployment rates in the United Kingdom. The curve he fit to the data showed that
A) the rate of change of money wage rates and unemployment rates were inversely related. B) the rate of change of money wage rates and unemployment rates were directly related. C) the rate of change of money wage rates and unemployment rates were independent. D) as money wage rates increased, the unemployment rate was cut in more than half.