Nations that cannot participate in international trade (for, say, geographic or political reasons) cannot gain the benefits of
a. economic growth and security
b. tariff protection
c. specialization in production
d. economic independence
e. having choice among production possibilities
C
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Ceteris paribus means allowing all things to change.
a. true b. false
The velocity of money is:
A. money supply divided by prices. B. spending divided by output. C. required monetary reserves divided by income. D. GDP divided by the money supply.
An increase in the Japanese interest rate will ________ the supply of dollars and lead the dollar to ________
A) increase; appreciate B) increase; depreciate C) decrease; appreciate D) decrease; depreciate
If a firm experiences economies of scale,
a. it moves up along the long run average total cost curve. b. expansion of output becomes more expensive for the firm. c. the firm can reduce its per unit cost by producing less. d. the firm must shut down in the long run. e. the firm can reduce its per unit cost by expanding production.