Protectionism is the view that:
A. a country's free trade agreements should be enforced.
B. a country can best defend itself against foreign attack if it opens itself to trade.
C. free trade agreements best protect a nation's economic interests.
D. free trade is harmful and should be restricted.
Answer: D
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The downward sloping labor demand curve demonstrates that as the ________ increases the ________ decreases
A) nominal wage; amount of labor supplied B) real wage; amount of labor supplied C) real wage; amount of labor hired D) nominal wage; amount of labor hired
Along an actual (observed) Phillips curve,
A. aggregate output varies inversely with the unemployment rate. B. aggregate output directly inversely with the inflation rate. C. the inflation rate varies inversely with the unemployment rate. D. the inflation rate varies directly with the unemployment rate.