Which of the following countries has medium to high levels of trade by world standards, but in 2008 had a moderate trade surplus?
a. Germany
b. Japan
c. the United Kingdom
d. Sweden
a. Germany
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A firm observes that in order to minimize the average cost, it must produce 25,000 units of output. Suppose the government imposes a specific tax on the output of the firm
Will the output level required to minimize the average cost increase, decrease, stay the same or is it uncertain? Can you tell how much the minimum average cost will change by? Explain.
The best method to reduce pollution is
A) to never start polluting. B) to establish private property rights. C) dependent upon the characteristics of the resources and the transaction costs. D) dependent upon the quality of government bureaucrats and the level of greed in the society.
Cartel members may agree to jointly limit their output in order to ______.
a. lower prices for consumers b. increase their tie-in sales c. support the profit-maximizing price d. comply with strong antitrust laws
The theory that changes in the exchange rate reflect only changes in the price levels of two countries is called
a. the floating exchange rate theory b. the fixed exchange rate theory c. the flexible exchange rate theory d. purchasing power parity e. the managed exchange rate theory