Differentiate between an open and a closed economy? Do you agree that US economy is more open among the advanced industrial countries in the world?
An economy is called relatively open if its exports and imports constitute a large share of its GDP. An economy is considered relatively closed if they constitute a small share.
No. The United States stands out as among the most closed economies of the advanced, industrial nations. We export and import a smaller share of GDP than nearly all advanced industrial nations.
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If the firms in an oligopolistic industry can collude effectively (from the firms' viewpoints), the resulting price and output in the market will be most similar to that of
a. a competitive price-searcher market. b. pure monopoly. c. bilateral monopoly. d. a competitive price-taker market.
Jay Bhattacharya and M. Kate Bundorf of Stanford University have found evidence that people who are obese and work for firms that have employer-provided health insurance receive lower wages than people working at those firms who are not obese. At firms that do not provide health insurance, obese workers do not receive lower wages than workers who are not obese. Firms that provide workers with health insurance may pay a lower wage to obese workers than to workers who are not obese because the latter tend to be healthier and consequently
A) more productive at work B) less costly to insure and therefore employ due to their lower claim submission rate C) experience lower rates of absenteeism and early retirement D) all of the above E) A & B only