Brazil's export record in 1999 illustrated the principle that
A) a large country will tend to have few exports.
B) a small country will tend to have a high export ratio.
C) protectionist policies tend to discourage exports.
D) export-promoting policies do not tend to work.
E) import substitution policies helped the Brazilian economy.
C
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C
If a 30 percent price increase generates a 20 percent decrease in quantity demanded, then demand is
A) inelastic. B) elastic. C) unit elastic. D) perfectly elastic. E) perfectly inelastic.
The advantage of a "buy-and-hold strategy" is that
A) net profits will tend to be higher because there will be fewer brokerage commissions. B) losses will eventually be eliminated. C) the longer a stock is held, the higher will be its price. D) profits are guaranteed.
The law of increasing opportunity costs causes the production possibilities curve to:
a. be a straight line. b. slope upwards. c. have a bowed-out shape. d. shift inward.