An official agreement with another country to restrict the quantity of its exports to the U.S. is
A) a regional trade bloc.
B) the quota system.
C) a voluntary import expansion.
D) a voluntary restraint agreement.
Answer: D
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President Nixon "closed the gold window"
a. as a political expediency b. to force the allies to devalue their currencies c. to try to save the Bretton Woods exchange rate system d. to halt dramatic inflows of gold into the United States e. to cure the U.S. domestic deflationary spiral
When the marginal cost of a price-taking firm is less than the market price of its product, the firm should:
a. expand output (provided that price is not less than average variable cost). b. reduce output (provided that price is not less than average variable cost). c. maintain output (provided that price is not less than average variable cost). d. charge more than the market price.
Willingness to pay:
A) is the lowest price that a buyer is willing and able to pay for a unit of good. B) is the highest price that a buyer is willing and able to pay for a unit of good. C) is equal to the price of the lowest-priced goods in a consumption bundle. D) is equal to the price of the highest-priced goods in a consumption bundle.
Ceteris paribus, a decrease in the number of firms selling calculators will result in
A. A decrease in the supply of calculators. B. A decrease in the demand for calculators. C. An increase in the supply of calculators. D. An increase in the demand for calculators.