Many of the important international governmental institutions that deal with the global economy have their roots in the Bretton Woods conference at the end of World War II
Indicate whether the statement is true or false
TRUE
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Briefly describe and discuss the different ways a natural monopoly can be regulated: Marginal cost pricing, average cost pricing, rate of return regulation, and price cap regulation
What will be an ideal response?
If the price of a commodity is above marginal cost, then the economy will tend to
a. overproduce the item. b. underproduce the item. c. produce the optimal amount of the item. d. overproduce and underproduce the item cyclically.
Increased recycling for a resource will
a. Increase the choke price b. Decrease the choke price c. Increase the physical reserve d. Increase the economic reserves e. Increase the time until the choke price is reached
Nation Alpha can produce employing all its available resources either 800 units of chemicals or 1,600 units of clothing. Nation Beta can produce either 200 units of chemicals or 800 units of clothing:
A. Nation Alpha has a comparative advantage in producing clothing B. Nation Beta has a comparative advantage in producing chemicals C. Nation Alpha has a comparative advantage in producing chemicals D. Nation Beta is the high-cost producer of clothing