A competitive price-searcher market is characterized by firms
a. being able to choose their price and by low barriers preventing firms from entering or leaving the market.
b. being able to choose their price and by high barriers preventing firms from entering or leaving the market.
c. having to accept the market price for their product and by high barriers preventing firms from entering or leaving the market.
d. having to accept the market price for their product and by low barriers preventing firms from entering or leaving the market.
A
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Which organization is committed to lowering trade barriers?
a. the United Nations b. the World Bank c. the World Trade Organization d. the International Monetary Fund
After an extended period of steady inflation at a constant rate,
a. people will anticipate inflation. b. actual unemployment will approximate the natural rate of unemployment. c. actual unemployment will be less than the natural rate of unemployment. d. both a and b are true.
Government's role of protecting property rights is considered:
A) enforcing a legal system. B) providing certain goods and services. C) redistributing income. D) maintaining the money supply.
Domestic law and order, the infrastructure, and the climate of international trade are all aspects of a country's:
A. natural resources endowment. B. human resources investment. C. capital investment. D. political environment.