In 2014, some European countries were dealing with a recession. Workers who were laid off in those countries due to the economic downturn would be

The long-run aggregate supply curve assumes that

A) the unemployment rate is more than 9 percent. B) there is no government purchasing of goods and services. C) only laborers are fully employed. D) all factors of production are fully employed.

When a large nation imposes a tariff, which of the following is NOT a cost incurred?

a. deadweight efficiency loss b. reduced consumer surplus c. deterioration of terms of trade for the trading partners d. falling government revenues for the nation imposing the tariff