Improvements in the productivity of labor will tend to:
a. increase the supply of labor.
b. increase wages
c. decrease the supply of labor.
d. decrease wages.
b
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The above figure shows the costs at Barney's Bagel Bakery. As the amount of output increases, the AVC curve approaches the ATC curve because the
A) TFC curve (not shown) slopes down. B) AFC curve (not shown) slopes down. C) MC curve is rising. D) AVC curve is rising.
You are made better off in which of the following situations?
A) you borrow $10,000, you earn income in pesos, the dollar depreciates against the peso, you must pay back the loan in dollars B) you borrow 10,000 pesos, you earn income in pesos, the dollar depreciates against the peso, you must pay back the loan in pesos C) you borrow $10,000, you earn income in pesos, the dollar appreciates against the peso, you must pay back the loan in dollars D) you borrow 10,000 pesos, you earn income in dollars, the dollar depreciates against the peso, you must pay back the loan in pesos
Refer to Scenario 25-1. M1 in this simple economy equals
A) $1,000. B) $2,000. C) $3,000. D) $8,000.
You are the Minister of Trade for a small island country with the following annual PPC:
You are negotiating a trade agreement with a neighboring island with the following annual PPC: 
Both islands specialize exclusively in the product for which they have a comparative advantage. You have agreed to give 350 coconuts to the other island in exchange for 1,300 fish. After the trade the other island has a total of ________ coconuts and ________ fish.
A. 850; 1,200 B. 350; 1,500 C. 350; 1,200 D. 500; 1,200