In a closed economy, private saving is equal to which of the following? (Y = GDP, C = Consumption, G = Government purchases, T = Taxes, and TR = Transfers)

Which of the following is NOT an obstacle to increased international economic integration?

A) Monopoly powers given to domestic companies of individual nations B) High tariff rates imposed by industrialized nations C) Health and safety standard requirements D) Labor and environmental standard requirements E) Income disparities among and within trading partners

One of the reasons why wages are "sticky downward" is that union workers often operate under a multiyear contract with a company and make wage reductions difficult or impossible during the contract period

a. True b. False Indicate whether the statement is true or false