The United States and Brazil are competitors in the world soybean market. In the late 1960s and early 1970s, the Brazilian government developed regulations designed to encourage Brazilian soybean production and exports.
An unanticipated effect of the Brazilian regulations was to stimulate U.S. soybean production and exports. The type of economic analysis that would explain and predict these effects is called A) closed economy macroeconomics.
B) international economics.
C) partial equilibrium analysis.
D) full market analysis.
E) general equilibrium analysis.
Question 2
Assume that labor and capital are complements in production and that the wage declines. Which of the following statements best describes the adjustment in the use of labor?
A) Adjustments in labor use are not influenced by adjustments in capital use.
B) The MRPL curve shifts downward in this case.
C) More labor is used both because of the reduced wage and increased use of capital.
D) Changes in labor use are indeterminate because the reduced wage and reduced use of capital have opposite influences on the use of labor.
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