The demand curve of the monopoly firm is always the
A. average revenue curve.
B. marginal revenue curve.
C. total revenue curve.
D. marginal cost curve above average variable cost.
Answer: A
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U.S. imports are:
A. U.S. goods sold to foreigners. B. Foreign goods bought by Americans. C. U.S. goods sold to Americans. D. Foreign and U.S. goods sold to foreigners, but consumed in the U.S.
When there is a labor union, the labor supply curve is
a. a horizontal line at the desired wage b. positively sloped c. negatively sloped d. a vertical line at the desired level of employment e. backward bending
Which of the following is a possible justification for restricting trade? a. Restricting trade decreases domestic production
b. Restricting trade increases domestic unemployment. c. Restricting trade ensures lower domestic wages. d. Restricting trade protects domestic production.
Which of the following activities would impact service exports in the U.S. balance of payments?
a. An Australian resident buys an American-made automobile. b. The U.S. government sends humanitarian aid to Pakistan. c. A French firm hires a U.S. resident to design a building in Paris. d. The Netherlands imports airplane parts from the United States.