Recall the Application about how worldwide trade has affected the U.S. auto industry to answer the following question(s). This Application illustrates:
A. that U.S. parts manufacturers are now facing increasing global pressures.
B. the trade-offs inherent in a global economy.
C. how U.S. domestic manufacturers of auto parts have been adversely affected in recent years.
D. All of these.
Answer: D
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An increase in the minimum wage to $15 per hour would lead to
A) an increase in search activity for many workers. B) a decrease in search activity for many workers. C) a decrease in unemployment. D) no change in unemployment. E) no change in employment.
What does the fact that U.S. students are falling behind other nations' students in math and science have to do with economic growth?
A) Nothing. People in the United States just don't like to fall behind in anything as a matter of pride. B) If U.S. students don't excel in math and science, the nation will see fewer plays written and fewer pieces of music composed. C) Better technology, a key to economic growth, depends largely on math and science skills. D) Math and science skills don't foster economic growth, but it takes math skills to calculate a nation's rate of economic growth.
The analytical framework in which two or more firms compete for certain payoffs that depend on the strategy that the others employ is
A) game theory. B) the concentration ratio. C) a horizontal merger. D) network effect.
Which of the following would be most likely to cause an outward shift of the demand curve for electricity?
a. a decrease in the price of electricity b. an increase in the price of air conditioners c. an increase in the price of heating oil d. a decrease in the price of natural gas