Which of the following explains the impact of the expansion of international trade on the demand for less skilled workers in the United States?
A. An increase in international trade has increased the demand for less skilled workers.
B. An increase in international trade has decreased the demand for less skilled workers.
C. An increase in international trade has had little impact on the demand for less skilled workers.
D. The impact of the expansion of international trade on the demand for less skilled workers in the United States varies from year to year.
Answer: B
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Aggregate demand in India increased in 2008. In addition, real GDP grew strongly and inflation approached 10 percent. The best explanation for this inflation is that
A) aggregate supply did not change. B) potential GDP decreased. C) there was a movement up along the aggregate demand curve in 2008. D) potential GDP increased, but at a slower rate than aggregate demand.
When the price of a good or service changes,
a. the supply curve shifts in the opposite direction. b. the demand curve shifts in the opposite direction. c. the demand curve shifts in the same direction. d. there is a movement along a given demand curve.