If this is a closed economy, the number of TVs exchanged will be ________. 
A. 60,000
B. 120,000
C. 30,000
D. 90,000
Answer: A
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The long-run aggregate supply curve is vertical
Indicate whether the statement is true or false
Consumers of most goods usually experience diminished satisfaction in each additional unit consumed. However, when variety appears endless, this may not be the case. Consider manufactured goods between 1890 and 1910
Indicate whether the statement is true or false
Trade restrictions can prevent purchasing power parity from holding because:
A. the time and energy of importation paperwork can add to the cost of the good sold. B. tariffs can add to the cost of the good sold. C. they can add costs to the selling price because they add to the seller's cost. D. All of these statements are true.
In a noncompetitive labor market, the firm pays a wage that is less than the workers' value of marginal product because
A. the marginal cost of labor curve is above the labor supply curve. B. the firm's labor demand curve is downward sloping. C. the labor supply curve is above the marginal cost of labor curve. D. labor is supplied inelastically. E. the firm's objective is to minimize the wage rather than to maximize profits.