The questions below are based on the table below. Fill in the blank spaces first. 
If the product market is perfect and the labor market is imperfect, what will be the wage rate paid to the laborer?
What will be an ideal response?
Three laborers can be hired for $19 each.
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Which of the following is TRUE?
A) APC - APS = 1 B) MPC + MPS = 1 C) 1 + APC = APS D) APC + MPS = 1
If a country is currently borrowing more from the rest of the world than it is lending to the rest of the world, the country is a
A) net borrower. B) debtor nation. C) net lender. D) creditor nation.
What can explain the failure of relative PPP to hold in reality?
What will be an ideal response?
The conditions in which vertical relationships can enhance a firm's ability to price discriminate include
a. the manufacturer's product is of value to just one type of customer b. the costs of arbitraging the price differences across markets is small c. the manufacturer acquires the distributer in the higher priced market d. competition provide little ability for the manufacturer has to price above marginal cost