Which of the following correctly ranks the size of the three largest foreign currency trading centers in dollar volume?
a. 1-Paris; 2-Miami; 3-London
b. 1-New York; 2-Rome; 3-Chicago
c. 1-London; 2-New York; 3-Tokyo
d. 1-Tokyo; 2-Los Angeles; 3-Paris
Ans: c. 1-London; 2-New York; 3-Tokyo
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A) depreciated; appreciated B) appreciated; depreciated C) depreciated; depreciated D) appreciated; appreciated
For a natural monopoly, if price is set equal to marginal cost then the firm incurs an economic loss
Indicate whether the statement is true or false
A demand curve that is horizontal indicates that the commodity
A) has few substitutes. B) must be very cheap. C) has a large number of substitutes. D) is a necessity.
A tax of 20 cents per unit of imported garlic is an example of a(n)
A) specific tariff. B) ad valorem tariff. C) nominal tariff. D) effective protection tariff. E) a disadvantageous tariff.