Exports minus imports define a country's
A. Trade balance.
B. Current account balance.
C. Capital account balance.
D. Balance of payments.
Answer: A
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If this is a closed economy, what will the price of a bike be?
A. $40 B. $100 C. $20 D. $140
When might an employer be willing to increase wages?
a. when the quantity of labor supplied exceeds demand b. when workers are willing to undercut the established wage c. when the prevailing wage exceeds the equilibrium level d. when the prevailing wage is below the equilibrium level
International dumping occurs when:
a. monopolistic firms charge the same price in domestic and foreign markets. b. monopolistic firms charge a higher price in the domestic market and a lower price in the foreign market. c. monopolistic firms charge a lower price in the domestic market and a higher price in the foreign market. d. domestic monopolistic firms relocate operations abroad.
A restaurant hires cooks and waiters. Cooks earn $10 an hour; waiters earn $5 an hour. The manager, who wants to maximize the number of meals served given a fixed payroll of $45 per hour, expects the following from cooks and waiters: 
Given the above information, at the optimal choice, the last dollar spent on hiring waiters yielded
A. 16 additional meals. B. 6 additional meals. C. 60 additional meals. D. 80 additional meals. E. none of the above