If the world price of a good is greater than the domestic price in a country that can engage in international trade, then that country becomes an importer of that good

When the United States was under the gold standard, recessions were ________ and long-term inflation was ________

A) more frequent; virtually nonexistent B) less frequent; virtually nonexistent C) more frequent; prevalent D) less frequent; prevalent

In an economy in which the skills, preferences, and motivations of workers vary widely, equality of wage rates would

a. lead to shortages and surpluses of resources and the use of involuntary methods of achieving work participation. b. result in a variety of product prices, but overall GDP would be unaffected. c. be efficient if the wages were fixed at a high enough level. d. reduce the productive incentives of high-skill workers, an effect that would be offset by the increased work effort of low-skill workers.