Easy Multiple Choice 1. Employment discrimination is a source of a. Increased ec

Question

Easy Multiple Choice

1. Employment discrimination is a source of
a. Increased economic growth
b. innovation
c. shifting production possibilities
d. comparative advantage in head-to-head competitions among
nations
e. economic inefficiency

2. How does the United States compare to other advanced, industrialized economies on the issue of openness?
a. It is one of the more open economies
b. It is one of the completely open economies
c. It is one of the completely closed economies
d. It is about average in openness
e. It is one of the more closed economies

3.When economists are critical of government regulations that prohibit free individuals from making certain kinds of contracts, for example, to purchase a good or service, they usually invoke the concept of
a. mutual gains from voluntary trade
b. externalities
c. the need to exert social control over those with excessive
amounts of economic power
d. the unemployment-inflation trade-off
e. the need for abstraction
f. marginal analysis

Explanation / Answer

1) Discrimination prevents companies from getting people to their appropriate jobs.--> inefficiency--> a) 2) This is a bit of a judgement call. It's def not closed and more open than average. In my opinion, there are no completely open economies, but I guess that that's what the question is going for. --> b) (the US has protective tariffs, but there are less than otherwhere) 3) a) (Trade allows people/countries to specialize, increasing total output, making everyone better off)

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