In a closed economy, imports are ______ and exports are ______.

A business owner makes 50 items a day. He spends 8 hours in producing those items. If hired elsewhere he could have earned $10 an hour. The item sells for $10 each. Production occurs seven days a week. If the explicit costs total $10,000 a month, the accounting profit for the month equals:

a. $1,760 b. $2,240 c. $11,760 d. $5,000

The market labor supply curve is usually __________ over the relevant range of market wage rates

a. positively sloped b. negatively sloped c. backward bending d. vertical e. horizontal