Protection of a new industry until it becomes strong enough to compete is called
A) the national defense argument.
B) the government indirect tax argument.
C) the leveling-the-playing-field argument.
D) the infant-industry argument.
D
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When at least one productive resource is fixed, the firm is producing
a. in the short run. b. in the long run. c. only one type of product. d. at least two products.
An increase in the exchange rate from $2.00 = 1 € to $2.20 = 1 € is a
A) 10% depreciation of the euro with respect to the dollar. B) 10% depreciation of the dollar with respect to the euro. C) 10% appreciation of the dollar with respect to the euro. D) None of the above.
Milky Moo and Mega Cow are the only sellers of milk. Milky Moo's supply function is QsMMoo = 12P - 6 at prices above $0.50 and zero at prices below $0.50. Mega Cow's supply function is QsMCow = 9P - 3 at prices above $0.33 and zero at prices below $0.33. At a price of $0.45:
A. the market supply of milk is between 9 and 10 units. B. the market supply of milk is between 4 and 5 units. C. the market supply of milk is between 5 and 6 units. D. the market supply of milk is between 1 and 2 units.
By how much does the real, bilateral exchange rate change when the nominal, bilateral exchange rate changes from $1.40/£ to $1.60/£, the U.S. tradable basket from $2,100 to $2,200 and the British tradable basket from £1,500 to £1,600?
a. The real exchange rate rises by 16.35%. b. The real exchange rate falls by 3.1% c. The real exchange rate rises by 3.1% d. The real exchange rate falls by 10.8% e. The real exchange rate falls by 12.5%