The production possibilities curve for an economy that experiences a constant opportunity cost of production is linear (a straight line)

If the market for labor is perfectly competitive, the wage rate for labor equals:

A) the average cost of hiring labor. B) the value of the marginal product of labor. C) the marginal product of the last unit of labor employed. D) the price of the product that the firm produces using the labor services.

The Fed in the U.S

A) allows a flexible exchange rate, though their actions can impact the exchange rate. B) has no influence on the exchange rate. C) sells U.S. dollars to China in an attempt to depreciate the U.S. dollar. D) alternates between a flexible, fixed, and crawling peg exchange rate policy depending on economic conditions.