Which of the following is the situation in which a nation shifts its international trade from nations outside a regional trade bloc to nations within the bloc?
A. trade deflection
B. trade retention
C. protectionism
D. trade diversion
Answer: D
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Which of the following is NOT included in the M1 measure of money?
A) currency held outside banks B) currency held in bank vaults C) checking deposits at commercial banks D) checking deposits at credit unions
The declining price of oil is deflation
a. true b. false
Which of the following is a goal of a welfare system?
A. To provide an incentive to leave the system B. To make recipients happy C. To stimulate economic growth D. To reduce the number of children born
If there are short-run profits in a perfectly competitive industry, in the long run new firms will ____________ and the industry-wide price will __________.
Fill in the blank(s) with the appropriate word(s).