The manager of a firm operating in a competitive market can ignore sunk costs when making business decisions

An export good is a good produced

A) in the United States and sold in other countries. B) in the United States and sold to foreigners living in the United States. C) in another country and purchased by U.S. residents. D) by foreigners in the United States and purchased by U.S. households. E) in another country and purchased by foreigners not residing in the United States.

Economic theory suggests that the standard of living of American workers would rise if

a. the minimum wage were doubled. b. automation were outlawed. c. workers were forced to retire earlier. d. technological improvements increased output per worker-hour.