A piecework wage compensation may be used if productivity
A) can be related to the supply chain.
B) is easy to measure.
C) is difficult to observe.
D) is backloaded.
B
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Suppose the economy is initially in equilibrium where real GDP equals potential GDP and the inflation rate is at the target rate. Other things equal, a housing boom will cause aggregate expenditures to increase, which will result in
A) an increase in aggregate demand and an increase in the inflation rate. B) an increase in aggregate supply and an increase in the inflation rate. C) an increase in aggregate demand and a decrease in the inflation rate. D) an increase in aggregate supply and a decrease in the inflation rate.
When a country pursues its comparative advantage:
A. World output is minimized. B. Potential gains from trade are minimized. C. Potential gains from trade are maximized. D. Imports and exports are equal.