If the dollar-pound exchange rate is $2.00 per pound, then a shirt priced at 25 pounds will cost an American
a. $25
b. $50
c. $26
d. $27
e. an amount that cannot be calculated without additional information.
B
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What does the slope of the curved line at point A shown in the above figure equal?
What will be an ideal response?
Which of the following statements does not accurately describe the market for labor?
a. The characteristics of workers, such as their education and experience, the characteristics of jobs, such as their pleasantness or unpleasantness, and the presence or absence of discrimination by employers all determine equilibrium wages. b. Labor unions, minimum wage laws, and efficiency wages all may increase wages above their equilibrium level. c. Firms are willing to pay more for better-educated workers as long as there is an excess supply of this type of worker. d. Discrimination by employers against a group of workers may artificially lower wages for that group.
Figure 4-16
Assume that Figure 4-16 shows the supply of steak. An increase in the price of pork will change the supply from
a.
S1 to S2.
b.
S2 to S1.
c.
S2 to S3.
d.
S1 to S3.
In March 2018, the United States filed a formal complaint with the World Trade Organization (WTO) alleging that China
A. violated restrictions on Chinese direct investment in the United States. B. engaged in unfair policies and practices regarding intellectual property rights. C. failed to comply with U.S. import licensing requirements. D. was dumping goods on U.S. markets.