The foreign exchange market is the market on which the ________ of various nations are traded for one another.
A. goods and services
B. stocks and bonds
C. international financial securities
D. currencies
Answer: D
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If business firms do not have to generate revenues sufficient to cover their sunk costs, does anyone have to pay for mistaken decisions?
A) No, because sunk costs are irrelevant. B) No, because the past cannot be undone. C) Only if they value their integrity or credit standing. D) The entire economy ends up paying. E) Yes. The people who committed resources to mistaken decisions pay the costs.
For years, economists believed that market structure explained the ability of some firms to earn economic profits. Today, economists and business strategists put greater emphasis on
A) the number of countries in which a firm conducts business and the number of employees the firm has in each country. B) the number of years a firm has been in business and the average price of the products sold by the firm. C) the characteristics of individual firms and the strategies their managements use to continue to earn economic profits. D) the size of a firm relative to the industry average and the number of firms in the domestic industry.
What is strategic trade policy? What are the pros and cons of such a policy by a nation in its dealings with other nations?
Which of the following goods would be considered legally non-excludable?