Voluntary export restraints
A) have the same effect as an import ban.
B) violate the spirit of international trade agreements.
C) are illegal under the international trading rules.
D) all of the above.
B
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Indicate whether the statement is true or false
The Bretton Woods system
a. established fixed par values for currencies in terms of gold. b. was to be a system of adjustable pegs to the dollar. c. expected countries with persistent surpluses to devalue their currencies. d. was after the Great Depression in order to end the downturn.
If equilibrium level of real Gross Domestic Product (GDP)
is less than the full-employment real Gross Domestic Product (GDP) consistent with the position of the economy's long-run aggregate supply (LRAS) curve, then the difference between full-employment real Gross Domestic Product (GDP) and current equilibrium real Gross Domestic Product (GDP) is A) an aggregate demand shock. B) an aggregate supply shock. C) a recessionary gap. D) an inflationary gap.
Refer to the graphs shown, which depict a perfectly competitive market and firm. If market demand increases from D0 to D1, the firm will:
A. lower the price it charges. B. earn positive economic profit in the long run. C. earn negative economic profit in the short run. D. earn positive economic profit in the short run.