Since World War II, the relative importance of raw materials, including oil, in total world trade
A) remained constant.
B) increased.
C) decreased.
D) fluctuated widely with no clear trend
E) increased slightly before dropping off.
C
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Outcomes are likely to be Pareto superior if they were _____
a. approved of by a unanimous vote b. enacted by a bureaucrat c. decreed by a judge d. enacted by bipartisan legislation
Studies have shown that
A) firms often cut nominal wages during recessions and allow inflation to gradually increase real wages. B) firms are reluctant to cut nominal wages during recessions but instead increase workers' nominal wages and allow inflation to gradually increase real wages. C) firms are reluctant to cut nominal wages during recessions but instead freeze workers' nominal wages and allow inflation to gradually reduce real wages. D) firms often freeze workers' nominal wages during a recession and keep the wages frozen well after the recession has ended.