Where does the United States stand as a participant in international trade?
(A) It is the largest exporter and importer.
(B) It is the largest exporter but not the largest importer.
(C) It is the largest importer but not the largest exporter.
(D) It is the second largest importer and exporter.
Ans: (A) It is the largest exporter and importer.
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Which of the following is true of equilibrium?
A) Equilibrium refers to a situation where an economic agent can be made better off without making anyone else worse off. B) Equilibrium refers to a situation where the government allocates resources among economic agents. C) Equilibrium refers to a situation where all economic agents are making sub-optimal choices and have an incentive to change behavior. D) Equilibrium refers to a situation where all economic agents simultaneously optimize after considering each other's actions.
Consider two individuals: John and Jenna. John has an opportunity cost of time equal to $50 per hour, while Jenna has an opportunity cost of time equal to $25 per hour
Which of the two individuals has a greater incentive to look for work when unemployed?