One of the reasons why wages are "sticky downward" is that union workers often operate under a multiyear contract with a company and make wage reductions difficult or impossible during the contract period

The concept of an open economy means that

A) a nation's borders are open to flows of imports and exports. B) exports should be controlled but imports should be allowed in without restriction. C) imports and exports should be restricted. D) imports should be limited while exports should be expanded.

Which of the following statements is TRUE?

A) APC + APS < 1 B) APC + APS + MPC + MPS = 1 C) APC + MPS = 1 D) APC + APS = 1