Which of the following restricts the volume of international trade?
a. stable prices
b. tariffs
c. the law of comparative advantage
d. stable international monetary system
B
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A rise in the price level brings a ________ in the real wage rate that ________ profits which leads to ________ production
A) rise; reduces; increasing B) rise; reduces; decreasing C) fall; increases; increasing D) rise; increases; decreasing E) fall; decreases; decreasing
In the short run, a firm cannot change the amount of capital it uses. Therefore the cost of capital is a
A) short-run cost. B) variable cost. C) productivity cost. D) fixed cost. E) marginal cost.
In the above figure, what is the magnitude of the marginal rate of substitution (MRS) at point a?
A) 1/2 B) the rate at which the consumer will give up magazines to purchase more CDs while preferring the new combination to the old C) 2 D) The question cannot be answered without more information.
Refer to the above figure. If the government imposes a price floor of $60
A. the quantity of goods that will be traded is 200. B. the quantity of goods that will be traded is 0. C. the quantity of goods that will be traded is 100. D. the quantity of goods that will be traded is 150.