When a firm can hire all the labor it wants at the competitive market wage, the marginal labor cost is equal to the

If the nominal exchange rate between the American dollar and the Canadian dollar is 0.89 Canadian dollars per American dollar, how many American dollars are required to buy a product that costs 2.5 Canadian dollars?

A) $1.32 B) $2.23 C) $2.75 D) $2.81

The ________ the time period, the ________ is the present value of a given future payment, all other things held constant.

a. longer; lower b. shorter; lower c. longer; higher d. shorter; the more uncertain