International exchange in which countries are either exporters or importers of a good, but do not do both, is called _______ trade.

How will each of the following affect the steady-state growth rate of the standard of living? Assume the economy is currently in the steady state

a. an increase in the depreciation rate b. an increase in the growth rate of labor-augmenting technological change c. a decrease in the saving rate d. a decrease in the labor-force growth rate

Which of the following people would be considered frictionally unemployed?

a. The President of the United States b. An elementary school student c. A lifeguard unemployed during the winter d. A high school graduate entering the labor market for the first time e. A person laid off from his job