The growth of international trade has helped to ______ the productivity of U.S. workers as a whole, and thus helped to ________ the average level of wages.
a. lower; lower
b. raise; raise
c. raise; lower
d. lower; raise
b. raise; raise
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Which of the following is a reason why individual firms under perfect competition would not find it gainful to advertise their product?
A. The quantity of the product demanded is very large. B. Firms produce a homogeneous product. C. Firms do not make long-run profits. D. The market demand curve cannot be increased.
Which of the following may not be true for "multiple exchange rates"?
A) They are a form of protectionism. B) They try to improve a country's BOP. C) They use different exchange rates for different international transactions. D) They are less costly to administer than floating exchange rates.
Which of the following statements is NOT true about inflation?
A) Inflation is a sustained increase in the average prices of goods in the economy. B) During an inflationary period, the prices of some goods will increase while the price of some goods will decrease. C) When there is inflation, the purchasing power of a dollar decreases. D) During an inflationary period, the prices of all goods will increase.
Which of the following characteristics apply to both monopoly and monopolistic competition? a. Marginal revenue exceeds marginal cost at equilibrium
b. Average revenue exceeds both marginal cost and marginal revenue at equilibrium. c. Marginal revenue exceeds average revenue at equilibrium. d. Marginal revenue and marginal cost are equal and exceed price at equilibrium.