The demand for labor and other factors of production typically decline

40 The demand for labor and other factors of
production typically decline in a recession because those factors
Have
become relatively scarcer than before the recession.
Are
no longer offered for sale in factor markets.
Are
derived from the demand for final output, which also declines in a recession.
Have
become more expensive than before the recession.

47,
A firm should hire an additional worker as long as the wage rate is,
Greater,
than the MRP.,
Greater,
than the MPP.,
Less,
than or equal to the MRP.,
Less,
than the MPP.,
64 World output of goods and services,
increases with specialization because,
The world’s resources,
are being used more efficiently.,
Each country’s,
production possibilities curve shifts rightward.,
Each country’s workers,
are willing to work harder than they did before specialization.,
The world’s workers are more educated than,
before specialization.,
Bottom of Form,
69 Trade restrictions,
Reduce,
the gains from trade for the country as a whole.,
Increase,
the gains from trade for poor countries.,
Reduce,
the number of hours employees must work.,
Increase,
the standard of living for the country as a whole.