Which of the following is NOT a true statement regarding free trade?
A) Free trade promotes specialization and efficient production.
B) Free trade generally reduces the domestic prices of imports.
C) Free trade may stimulate economic growth through export sales.
D) Every individual in a country gains short-term benefits from free trade.
Answer: D
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Unemployment arising from a persistent mismatch between the skills and characteristics of workers and the requirements of jobs is called
A) unnatural unemployment. B) seasonal unemployment. C) structural unemployment. D) cyclical unemployment. E) frictional unemployment.
Economies of scope often occur because
A) a production facility can be used to produce more than one product. B) it forces firms to search for economies of scale. C) it enhances the ability to find market niches. D) managers are able to multi-task in product markets