The supply of labor
a. varies inversely with the price level
b. does not vary with the real wage rate
c. does not vary with the price level
d. varies directly with the price level
e. varies inversely with the nominal wage rate
A
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Which of the following best explains why a firm in a perfectly competitive market must take the price determined in the market?
a. The short-run average total costs of firms that are price takers will be constant. b. If a price taker increased its price, consumers would buy from other suppliers. c. Firms in a price-taker market will have to advertise in order to increase sales. d. There are no good substitutes for the product supplied by a firm that is a price taker.
Exhibit 3-4 Supply curves
In Exhibit 3-4, which of the following could have caused the shift in the supply curve from S1 to S2?
A. Increase in demand. B. Increase in materials cost. C. Decrease in the number of suppliers in the market. D. Decrease in wage rates.
An individual who neither uses nor produces a commodity but sells a futures contract for the asset is:
A. hedging trying to transfer risk. B. speculating that the price of the commodity is going to fall. C. speculating that the price of the commodity is going to increase. D. using arbitrage to earn profits without taking a risk.
What type of international economic linkage would be illustrated by the export of a Boeing aircraft to Saudi Arabia?
A. Trade flow B. Resource flow C. Financial flow D. Information flow