Which is least accurate about foreign trade?
a. In the early 1900s, the most industrialized nations exported foodstuffs and raw materials to the least developed countries.
b. After the Civil War, rapid improvements in communications, like the first successful transatlantic cable, lowered the price of trade.
c. After the Civil War, rapid improvements in transportation, like the opening of the Suez Canal and developments of railroads, reduced the price of shipping.
d. In the late 1800s and early 1900s the network of international trade assumed many of its modern characteristics.
a. The most industrialized nations exported foodstuffs and raw materials to the least developed countries.
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If a cartel firm is producing a quantity at which the marginal revenue is $2 and the marginal cost is $2, the firm ________.
A) is producing less than the agreed upon quantity B) has erected a barrier to entry C) is producing the agreed upon quantity D) has acted in self-interest
The welfare loss created by monopolistically competitive markets:
A. is a hotly debated topic among economists. B. is usually not a huge concern to governments. C. is a huge concern to governments. D. has a widely accepted form of measurement.
According to the crowding-out effect, a budget deficit will lead to:
a. reduced investment spending and a reduction in long-term economic growth. b. reduced investment spending and an increase in long-term economic growth. c. increased investment spending and a reduction in long-term economic growth. d. increased investment spending and an increase in long-term economic growth.
Every economic system requires a means for determining resource allocation
a. True b. False