1.The foundation for economic progress is a _____ ______ that protect ______ ____ _______ and enforces _______ in an _____ _____
Fill in the blank(s) with the appropriate word(s).
Legal system, privately owned property, contracts, evenhanded manner
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If a dominant firm charged a very high price for its product, the firm ________ face scrutiny by the European Union competitive laws and ________ face scrutiny by the United States antitrust agencies.
A) would not necessarily; would B) would; would not necessarily C) would not necessarily; would not necessarily D) would; would
An appreciation of the Norwegian kroner in relation to the U.S. dollar is most likely to cause:
a. an increase in the U.S. demand for Norwegian goods. b. an increase in the Norwegian demand for U.S. goods. c. an increase in the supply of U.S. goods to Norway. d. a decrease in the supply of Norwegian goods to the United States. e. no change in the demand or supply of goods for either country.
Which of the following does not belong in the M2 category?
(A) Currency held in bank vaults. (B) Near money. (C) Money market mutual funds. (D) Deposits in savings.
Exhibit 8-12 Marginal revenue and cost per unit curves
As shown in Exhibit 8-12, if the firm's price is OD, the firm will supply
A. zero units of output because it is unprofitable. B. X units and incur a loss. C. Y units and break even. D. Z units and make an economic profit.