The basis for trade includes
A) Differing opportunity costs. B) Identical opportunity costs.
C) Autarky. D) Government regulatory actions.
Answer: A
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The country of Kemper is on its aggregate production function at point W in the above figure. The government of Kemper passes a law that makes 4 years of college mandatory for all citizens. After all citizens have their education, the economy will
A) move to point such as Y. B) remain at point W. C) move to point such as X. D) move to point such as Z.
Which of the following is a recent trend in the labor market?
A) Low-skilled workers have lost jobs. B) The demand for high-skilled labor has increased as technology has increased. C) The wages of high-skilled labor have decreased. D) The marginal productivity of low-skilled workers has increased.