Every transaction concerning the importation of goods into the United States constitutes a
A) supply of foreign currency with no effect on the market for the dollar.
B) demand for dollars with no effect on markets for foreign currencies.
C) supply of foreign currencies and a demand for dollars.
D) demand for foreign currencies and a supply of dollars.
Answer: D
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Tara sells her organic carrots in a perfectly competitive market for a price that is just higher than her minimum average variable cost of production, but lower than her minimum average total cost of production. Which of the following statements is then true?
a. Although she is currently incurring a loss, she could restore profitability by advertising her carrots. b. She can minimize her losses by shutting down her operations now. c. She is incurring a loss, because price is less than ATC. d. She is earning a profit, because price is above AVC.
As the amount of labor input increases ________. This means that the marginal product of labor (MPL) ________
A) the slope of the production function increases; goes up B) the slope of the production function falls; declines C) the slope of the production function falls; goes up D) the slope of the production function increases; declines E) none of the above