Agreements to abolish most barriers to trade among nations are known as:
a. collusive trade agreements.
b. discriminatory trade agreements.
c. neutral trade agreements.
d. preferential trade agreements.
e. retaliatory trade agreements.
d
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Use the following graph to answer the next question.
Assume that Japan and the United States are engaged in a system of flexible exchange rates. If more people in the United States decide to purchase Japanese cars, what effect will this have on the market for yen?
A. The supply of yen will decrease. B. The price of yen will increase. C. The supply of yen will increase. D. The price of yen will decrease.
Which of the following is likely to increase the productivity of workers in an economy?
A) The discovery of an oil field B) An increase in the number of years of training that each worker receives C) An increase in the aggregate price level D) An increase in the labor force participation rate in the economy
Suppose you manage a firm with two production plants. The marginal product of labor at plant 1 is MP1 = 1400 - L1 where L1 is the number of workers employed in plant 1. The marginal product of labor at plant 2 is MP2 = 2000 - L2 where L2 is the number of workers employed in plant 2. Given that you have 1,000 workers, what is the best allocation of workers between the two plants?
What will be an ideal response?
Producer surplus is
a. represented on a graph by the area below the demand curve and above the supply curve. b. the amount a seller is paid minus the cost of production. c. also referred to as excess supply. d. All of the above are correct.