________ involves active efforts to increase opportunities in the… ________ involves active efforts to increase opportunities in the workplace or education for underrepresented parts of society such as minorities and women.Affirmative actionCollective bargainingAnti-discriminative actionMeritorious actionQuestion2?f?5The concept of _________ is the underlying reason why trade benefits both sides of a trading arrangement.maximum productionabsolute advantagespecializationopportunity costQuestion3?f?5The USA has decided to impose a 20% tax on imported automobiles.This is a tariff.This is an import quota.This will reduce the number of imports of foreign automobiles and increase their sales price.Both A and CQuestion4?f?5The slope of the production possibility frontier is determined by the _______ of expanding production of one good, measured by how much of the other good would be lost.comparative advantageopportunity costabsolute advantagerelative costQuestion5?f?5Some nations that seek to produce all of their own needs face the problem that:a. They can deplete their natural resources as a result.B. Some industries are too small to be efficient if restricted to their domestic markets alone.C. They will not be able to satisfy the wants of all their citizens.D. The opportunity cost of producing some of their own goods is lower than that of trading with others for them.Question6?f?5Once the U.S. government opened its domestic markets to international trade, the competition from imported cars, steel and other products caused demand for similar U.S. good toa. fall, leading to lower output, fewer workers, and an overall decline in union membership.B. increase leading to an overall increase in union membershipC. fall, causing union membership to increase as they demand wage increasesD. rise, but laws made it difficult for new workers to become union membersQuestion7?f?5The idea behind comparative advantage reflects the possibility that one party:a. may have an absolute advantage in producing two different goods and may export both of those goods to the other party.b. may be able to produce something at a lower dollar cost than another party.C. may be able to produce something at a lower opportunity cost than another party.D. may be able to produce everything relatively more efficiently than another party.Question8?f?5Before trading, the equilibrium price of sugar in Brazil is 12 cents a pound and in the U.S it is 24 cents a pound. When trade is allowed and the U.S is allowed to import sugar, which of the following will occur?Sugar production will increase in Brazil.The price of sugar will increase in Brazil and decrease in the U.S.Consumers of sugar In Brazil are worse off, producers in the U.S are worse off.All of the aboveQuestion9?f?5After World War II the Taft-Hartley Act of 1947 was passed, itA. specified that workers had a right to organize unions and that management had to give them a fair chance to do so.b. gave states the power to allow workers to opt out of the union in their workplace.c. requires employers with more than 100 employees to provide written notice 60 days before plant closings or large layoffs.d. regulates employee pension rules and benefits.Question10?f?5The countries of China and India can produce two goods: Rice or Shirts. The table below describes the production possibilities of each country in a year.RiceShirtsChina400 lbs.200India 330 lbs. 110India has a comparative advantage and absolute advantage in the production of shirts.China has a comparative advantage in the production of rice.India has a comparative advantage in the production of rice.India has a comparative advantage and absolute advantage in the production of rice.Question11?f?5According to the theory of ________________ , countries gain from trade becausea. absolute advantage; trade makes firms behave more competitively B. comparative advantage; world output can rise when each country specializes in what it does relatively best.C. opportunity cost; each country has an absolute advantage in producing something D. comparative advantage; output per worker in each firm increasesQuestion12?f?5Why do similar high-high income economies engage in intra-industry trade?The division of labor leads to learning, innovation and unique skills and economies of scale.The division of labor leads to learning, innovation and unique skills and opportunity costs.They have an absolute advantage and economies of scale.They have both a comparative advantage and absolute advantage.Question13?f?5If unions help workers secure pension benefits, so that those workers are less dependent on government social assistance after their retirement, thensocial security can be eliminated and the minimum wage increased.the for-profit unionized industries will be less productive.the union is economically beneficial.the union is economically harmful.Question14?f?5The existence of labor unions forces employers to deal with workers __________.individually, in accordance with the Fair Labor Standards Act of 1938collectively, rather than as individuals cooperatively, rather than uncooperatively equitably, rather than inequitablyQuestion15?f?5When a group of workers in the United States wish to form a union,they announce this fact and set an election date when the firms’ employees will vote in secret ballot.workers sign an official card stating that they want a union, usually 60% or more.they must have an equal number of workers and management agree to the formation of the union.Both a and bQuestion16?f?5Since 1960, the earnings gap between men and women in the U.S. Labor market has ______; but in the 1970’s it _______ and in the 1980’s the earnings gap has _______________.continued to rise; increased; declined steadily continued to narrow; did not change much; risen slightly continued to narrow, did not change much; been decliningcontinued to narrow; did not change much; not changed significantlyQuestion17?f?5Union membership is highest in the ________________.30-50 age range40-65 age range25-45 age range45-64 age rangeQuestion18?f?5Alternate output from one day’s labor input:Wheat TextilesUSA 24 Bushels6 YardsIndia6 Yards 24 BushelsFrom the data above, the U.S Ashould export textiles to India.has a comparative advantage and absolute advantage in the production of wheat.has an absolute advantage over India in the production wheat.has an absolute advantage in the production of textiles.Question19?f?5If U.S. immigration consists of mainly low-skilled workers, then a decrease in immigration will ______ the wages of low-skilled workers.will increase will reduce may increase or decrease depending on union membership will not affectQuestion20?f?5Critics of a labor union might argue one of the following:Unions have a higher percentage of women and workers over the age of 40Unions can prohibit economic growth if new technology is blockedUnions oppose suppression of wages by profit-seeking firmsUnions have a tendency to gain as much as possible in the long-termQuestion21?f?5Alpha and Beta can each produce either oranges or Apples. The table below describes the production possibilities of Alpha and Beta’s production for one hour. The opportunity cost of producing 1 orange for Alpha and Beta respectively, are:OrangesApplesAlpha18 9Beta16 44 apples; 8 apples9 apples; 3 apples0.5apples; 0.25 apples0.33 apples; 0.66 applesQuestion22?f?5There is little evidence that the reduction in the U.S. union membership over time has brought _______ for the U.S. Economy as a whole and also little evidence that countries with high union membership _________.Harmful economic costs: tend to enjoy economic benefits as a resultBroad benefits or costs; tend to suffer economic damage as a resultEconomic benefits; lave economically benefitedEconomic damage; have broader benefits as a resultQuestion23?f?5In the United States, the number of unionized government jobs have ________ and the number of unionized jobs in the manufacturing sector have ______________.increased modestly; increased modestly dramatically declined; trended down increased modestly; trended down modestly declined; declined dramaticallyQuestion24?f?5Alternate Outputs from One Day’s Labor Input: WheatTextilesUSA 24 Bushels6 YardsIndia 6 Yards24 BushelsThe opportunity cost of on bushel of wheat in India is4 yards of textiles.12 yards of textiles.1 yard of textiles.3 yards of textiles.Question25?f?5There is sufficient evidence showing that union workers in the manufacturing sector generally:Have lower productivity than non-union worksHave fewer years of experience than non-union workersTend to hold the union jobs for less time than non-union workersHave higher productivity than non-union workersBusinessEconomicsMicroeconomicsECN212
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