The wage gap between skilled and unskilled worker has
a. risen; some economists argue that this is partly due to increased international trade.
b. risen; some economists argue that this is partly due to decreased international trade.
c. fallen; some economists argue that this is partly due to increased international trade.
d. fallen; some economists argue that this is partly due to decreased international trade.
a
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If we knew that nominal GDP was currently $7500 billion, and that current GDP in dollars of 1992 purchasing power was $5000 billion, what would we know about the GDP deflator?
A) It would be .667. B) It would be 150. C) Nothing until we had current information on the price level, such as consumer price index figures. D) Only that a dollar buys more currently than it bought in 1992. E) Only that a dollar currently buys less than it bought in 1992.
In a monopoly, price is less than minimum average total cost.
Answer the following statement true (T) or false (F)