Under monopsony, marginal factor cost is
A) equal to the wage rate.
B) below the wage rate but increases as more workers are hired.
C) greater than the wage rate.
D) downward sloping.
C
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When a rich nation buys a product made in a poor nation, in the poor nation the demand for labor ________ and the wage rate ________
A) increases; rises B) increases; falls C) decreases; rises D) decreases; falls
If a large percentage increase in the price of a good results in a small percentage reduction in the quantity demanded of the good, demand is said to be
a. of unitary elasticity. b. relatively inelastic. c. relatively elastic. d. perfectly elastic.
During a recession, markets will
A. decline. B. increase. C. increase then decrease. D. move in many different directions.
The World Trade Organization is called _______________ because it involves many, if not most, of the nations in the world.
a. a bilateral trade organization b. a trilateral trade organization c. a multilateral trade agreement d. a quasi-political trade organization