Suppose that the dollar value rises from 100 to 125 yen. As a result,
a. exports to Japan will likely increase
b. Japanese tourists will more likely visit the United States.
c. U.S. businesses will be less likely to use Japanese shipping lines to transport their products.
d. U.S. consumers will more likely buy Japanese-made automobiles.
d
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For a monopsonist, as the number of workers hired increases, the
a. wage rate falls due to the increase in supply b. MLC curve and the labor supply curve get further apart c. MLC curve and the labor supply curve get closer together d. total labor costs fall e. first workers continue to get paid less than the new workers
The three questions every economic system must answer must include which of the following?
a. Where the goods and services should be produced? b. What goods and services should be produced? c. Who should produce the goods and services? d. All of the questions must be answered for the economic system to work.
The General Agreement on Tariffs and Trade (GATT)
A. Encourages trade restrictions. B. Established the European Common Market. C. Has now eliminated all nontariff barriers to trade. D. Committed GATT members to a reduction of protectionism.
For a pure monopolist, marginal revenue is less than price because:
A. the monopolist's demand curve is perfectly elastic. B. the monopolist's demand curve is perfectly inelastic. C. when a monopolist lowers price to sell more output, the lower price applies to all units sold. D. the monopolist's total revenue curve is linear and slopes upward to the right.