Country X is the largest producer and exporter of oil in the world. Which of the following is likely to happen if the world demand for oil increases?
A) Country X's labor demand curve will shift to the right.
B) Asset prices in Country X will fall.
C) Country X's labor supply curve will shift to the left.
D) Consumption expenditure in Country X will fall.
A
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Under a gold standard, a country with a trade deficit should expect gold to flow ________.
Fill in the blank(s) with the appropriate word(s).
Old Navy has a discount store in a rundown neighborhood and charges about half what they charge for the same merchandise in a more fashionable neighborhood. The best explanation for why they charge less in the rundown neighborhood is that
A. they pay less rent. B. their customers can't afford to pay any more. C. they don't have to bother advertising. D. they are maximizing their profits at the prices they are charging.
Suppose a bottle of wine produced in France sells for 35 euros. If the exchange rate between euros and dollars is €1 = $1.30, how much will an American pay for the bottle of wine in America?
A. $130.00. B. $26.92. C. $45.50. D. $35.00.
If the wage rate decreases from $17 to $13, by how much will the firm expand employment?
A firm operating in a purely competitive labor market has the following marginal revenue product schedule.
A. 5 workers
B. 4 workers
C. 3 workers
D. 2 workers