Which of the following is correct?
a. U.S. International trade represents about 50 percent of U.S. GDP
b. Less than 5 percent of world output is sold in a country different from the one in which it is produced.
c. Without tariff protection the number of jobs available to domestic workers would decline.
d. The volume of international trade has grown rapidly.
d
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How does Gordon integrate the exogenous factors affecting economic growth into the production function for an economy?
A) Y = A(G,R,H) F(K,P,T,N) B) Y = A(G,P,T) F(K,R,H,N) C) Y = A(G,P,T,R) F(K,H,N) D) Y = A(P,T,K) F(G,R,H,N)
Which of the following statements about the minimum wage is correct?
a. An increase in the minimum wage enhances the well-being of all unskilled workers. b. An increase in the minimum wage has no effect on the well-being of middle-class families. c. Advocates of the minimum wage argue that the demand for labor is relatively inelastic. d. Critics of the minimum wage argue that it is an undesirable way of helping the poor because it is costly to the government.