The major factor affecting a nation's balance of payments is
A) an increase in its rate of unemployment.
B) its rate of inflation relative to the rate of inflation of its trading partners.
C) a change in the productivity of its labor.
D) its stock market movements.
B
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The marginal rate of substitution is the rate at which a person is willing to substitute one good for another good while remaining on the same indifference curve
Indicate whether the statement is true or false
U.S. automakers have an interest to make it more difficult for European competitors to locate assembly plants in Canada or Mexico and thereby ship finished automobiles to the United States duty-free. This is an example of
A) trade deflection. B) trade diversion. C) quotas. D) rules of origin.
Which of the following is the best explanation of why the law of diminishing returns does not apply in the long run?
A. All factors of production are fixed in the long run. B. The MPP does not change in the long run. C. In the long run, firms can increase the availability of space and equipment to keep up with the increase in variable inputs. D. In the long run, firms have enough time to find the most qualified workers.
Refer to the information provided in Figure 8.6 below to answer the question(s) that follow. 
Figure 8.6 Refer to Figure 8.6. Curve 3 is Outdoor Equipment's
A. marginal cost curve. B. average variable cost curve. C. average fixed cost curve. D. average total cost curve.