Which of the following provides the foundation of the case for free trade?

The real wage rate equals

A) (money wage rate)/(price level). B) (price level)/(money wage rate). C) (money wage rate) × (price level). D) (money wage) + (number of hours worked)/(price level).

Which of the following statements is false?

A) In the short run: total cost = fixed cost + variable cost. B) Variable costs are costs that change as output changes. C) An explicit cost is a nonmonetary opportunity cost. D) In the long run there are no fixed costs.