In the present, most of the exports from China are
A) manufactured goods.
B) services.
C) primary products including agricultural.
D) technology intensive products.
E) overpriced by world market standards.
A
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The typical labor supply curve is upward sloping but it is possible for the curve to be backward bending —negatively sloped—at very high wage levels. Which of the following would cause a backward-bending supply curve?
A) This would occur if leisure is an inferior good. B) This would occur when the substitution effect from an increase in the wage becomes larger than the income effect. C) This would occur when a large number of workers choose leisure rather than employment at low wages; only a very large increase in the wage will lead these workers to prefer employment to leisure. D) This would occur when the income effect from an increase in the wage becomes larger than the substitution effect.
If a single firm in a price-taker market lowers its price below the market equilibrium price,
a. it will get a larger share of the market. b. it will lose revenue without increasing the quantity it can sell. c. other firms will lower their prices. d. other firms will be driven out of the industry.