A pooling equilibrium occurs when
A) dissimilar workers are paid alike.
B) firms can distinguish between workers of different qualities.
C) workers of the same quality are paid different wages.
D) all workers are overpaid equally.
A
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Increasing wage inequality results when international trade leads to ________ wages for workers in exporting industries and ________ wages for workers in importing industries.
A. lower; no change in B. lower; higher C. higher; higher D. higher; lower
Tobin's q is defined as the market value of firms ________ the replacement cost of capital
A) times B) minus C) plus D) divided by
Regarding the frustration of purpose doctrine, which of the following statements is true?
a. the purpose for which seller entered into the contract has become illegal b. the purpose for which buyer entered into the contract has become illegal c. the purpose of the contract has become illegal d. the contract no longer facilitates deferred exchange
A country's trade balance
a. must be zero. b. must be greater than zero. c. is greater than zero only if exports are greater than imports. d. is greater than zero only if imports are greater than exports.