Which of the following are used as nontariff barriers?
A) health and safety standards
B) government procurement policies
C) domestic content laws
D) All of the above
D
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If the marginal cost of production is $10, the elasticity of demand for group 1 is -1.5, the elasticity of demand for group 2 is -2.5, and the price paid by group 1 is $15, the price for group 2 is
A) $8.33. B) $27. C) $15. D) Impossible to tell.
When a country decreases the official value of its currency, for example, Russia changes the value of the ruble from $.16 to $.04, it is said to have ____ its currency.
A. floated B. revalued C. devalued D. depreciated
When an increase of a firm's scale of production leads to higher average costs per unit produced, there is an increasing return to scale.
Answer the following statement true (T) or false (F)
Refer to the information provided in Table 33.3 below to answer the question(s) that follow. Table 33.3
Refer to Table 33.3. If the exchange rate is $1 = 2 euros, then
A. the United States will import both raspberries and chocolate. B. the United States will import raspberries and Belgium will import chocolate. C. Belgium will import both raspberries and chocolate. D. Belgium will import chocolate.