The amount a household would like to work within a giver period at the current wage rate if it could find the work is referred to as the unconstrained supply of labor.
Answer the following statement true (T) or false (F)
True
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Each week Jim buys the same market basket composed of a case of ramen noodles, two bottles of coke, and three bags of tortilla chips. Jim has found that it takes more of his wages to buy this market basket than before. Jim is experiencing ________.
A. disinflation B. depreciation C. inflation D. deflation
Voters may choose to remain uninformed about an issue because of:
a. the special-interest effect. b. rational ignorance. c. bureaucratic inefficiency. d. the shortsightedness effect.
Free trade leads to an overall improvement in the standard of living in a country because everything is produced at the lowest possible cost
a. True b. False Indicate whether the statement is true or false
What is measured by the ratio of export prices to import prices?
a. The terms of trade b. The productivity ratio c. The trade standards d. The gains from trade e. The balance of trade