Which of the following receives government subsides that are in place to protect the population rather than for economic reasons?
a) a national car company in Indonesia
b) small farmers in France
c) tobacco growers in the United States
d) national airlines in Western Europe
Ans: b) small farmers in France
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If the Fed makes the quantity of money grow at the same rate as the growth rate of real GDP and velocity does not change, in the long run what happens to the price level and the inflation rate?
What will be an ideal response?
What best describes the changes in steel production from 1860-1910?
a. The Bessemer process replaced earlier methods of production and became the dominant method of producing steel by 1910. b. The Bessemer process replaced older methods of production and was later displaced by the open-hearth process. c. The open-hearth process, the first method of producing steel, was replaced by the Bessemer process. d. The Grandy process replaced both the open-hearth process and older technologies.
Which of the following is a liability of a bank and an asset of its customers?
a. deposits of its customers and loans to its customers b. deposits of its customers but not loans to its customers c. loans of its customers but not the deposits of its customers d. neither the deposits of its customers nor the loans to its customers
In long-run equilibrium with trade, losses from import competition will force some firms to ______________, increasing demand for the remaining firms' output, which will then cause their demand curves to become ______________, due to the increased variety of products from _______________.
a. raise prices; steeper; new firms entering the industry b. leave the industry; flatter; foreign firms c. lower prices; more inelastic; new firms entering the industry d. lay off workers; more elastic; the research and development departments in firms