All of the following are true about outsourcing of jobs except that it
A. Reduces costs and increases profits for companies.
B. Ultimately leaves the United States worse off.
C. Increases specialization.
D. Occurs because labor is cheaper in other countries.
Answer: B
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An increase in nominal gross domestic product necessarily entails an increase in
A) both real output and the price level. B) either real output or the price level (or both). C) real output and employment. D) the price level and employment.
Suppose your accountant told you that the $50,000 you made last year was your normal profit. When you asked him what your accounting profit was he replied that it was precisely the same as your normal profit. You wouldn't have to ask what your economic profit was because you know it must be
a. 0 b. $50,000 c. $100,000 d. $50,000 loss e. $100,000 loss