In the above figure, without a minimum wage, the equilibrium quantity of labor employed ________ million hours, and the equilibrium wage rate is ________ per hour
A) 100; $2
B) 200; $4
C) 300; $6
D) 400; $8
B
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In a two-person repeated game, a tit-for-tat strategy refers to
a. Where each player pursues his or her own self-interest without any cooperation b. Where players start off as non-cooperative and then cooperate when one or both players show interest in colluding c. Where players start off by cooperating and then mimic the other player's last move d. Players cooperating throughout with no defection
Which of the following is true?
a. Items that supply the nation's currency to the foreign exchange market are recorded as credits in the nation's balance of payments accounts. b. Items that create a demand for the nation's currency in the foreign exchange market are recorded as debits in the nation's balance of payments accounts. c. The purchase of a BMW from a German automaker by a U.S. college professor would be recorded as a debit in the U.S. balance of payments accounts. d. Both a. and b. are correct.
Arbitrage occurs when an entity purchases a good in the lower priced market and sells it at the same time in the highed priced market. The existance of trade costs would ___ opportunites of abitrage
a) lower b) not affect c) increase d) completly eliminate
Aimee sells hand-embroidered dog apparel over the Internet. Her annual revenue is $128,000 per year, the explicit costs of her business are $42,000, and the opportunity costs of her business are $30,000. What is her economic profit?
A) $12,000 B) $56,000 C) $86,000 D) $98,000