All economists agree that the European Union is an example of a true a optimal currency area
Indicate whether the statement is true or false
False
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Suppose the current exchange rate between the Chinese yuan and the United States dollar is 7 yuan per dollar. If the Fed sought to drive up the exchange rate to 8 yuan per dollar then it would
A) buy dollars. B) sell dollars. C) buy yuan. D) sell dollars and buy yuan.
The Federal Reserve is divided into 7 districts
Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1. In the long run, under conditions of perfect competition, economic profits are eventually eliminated. 2. If the entry of new firms substantially raises demand for resources, two forces tend to eliminate economic profit in the long run: upward pressure on cost and downward pressure on price. 3. The more that firms advertise, the closer they get to perfect competition. 4. The lowest possible ATC curve is attained at the optimal scale of output. 5. If price equals marginal cost at the long-run equilibrium, this means that economic efficiency is being achieved.
Which of the following is not an example of an oligopolistic barrier to entry?
a. diseconomies of scale b. legal restrictions c. advertising and brand proliferation d. high start-up costs e. control over an essential resource