The production possibilities frontier represents the boundary between attainable and unattainable prices of commodities
a. True
b. False
B
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When a country's currency depreciates
A) foreigners find that its exports are more expensive, and domestic residents find that imports from abroad are more expensive. B) foreigners find that its exports are more expensive, and domestic residents find that imports from abroad are cheaper. C) foreigners find that its exports are cheaper; however, domestic residents are not affected. D) foreigners are not affected, but domestic residents find that imports from abroad are more expensive. E) foreigners find that its exports are cheaper and domestic residents find that imports from abroad are more expensive.
One example of gradualism is taking place in
a. China b. the United Nations c. New Zealand d. Japan e. France
If the U.S. imposed a quota on motorcycle imports from Japan it would lead to a _____ quantity imported, and a _______ quantity produced in the U.S.
A. lower; higher B. higher; lower C. lower; lower D. higher; higher
If we assume competitive labor markets, the supply curve of labor when the firm is a monopoly is
A. horizontal. B. upward sloping. C. vertical. D. downward sloping.