When the representative firm maximizes profits
A) production is at its maximum.
B) the slope of the production function is at its flattest.
C) labor costs are minimized.
D) the marginal product of labor equals the wage.
D
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We currently run a negative trade balance in ______ and a ______ trade balance in services.
Fill in the blank(s) with the appropriate word(s).
The price of gold is 300 U.S. dollars per ounce in New York and 435 Canadian dollars per ounce in Toronto, Canada. If the law of one price holds for gold, the nominal exchange rate is ________ Canadian dollars per U.S. dollar.
A. 0.333 B. 1 C. 0.690 D. 1.45
If total revenue is unrelated to price, then demand is unitary elastic.
Answer the following statement true (T) or false (F)
A Federal Reserve publication proclaimed that "Trade is a win-win situation for all countries that participate." This statement is
A) false since it ignores the workers who lose their jobs as result of international trade. B) false since not all countries participate in international trade. C) true because it refers to countries; individuals may be losers as a result of international trade. D) true because all consumers and workers benefit from international trade.