An economy's standard of living grows over the long run because of:
a. better protection of domestic industries from foreign competition.
b. centralized planning and decision making
c. technological improvements.
d. stringent foreign trade policies.
e. high growth rate of population.
c
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A floating exchange rate
a. is determined by the national governments involved b. remains extremely stable over long periods of time c. is determined by the actions of central banks d. is allowed to vary only within a narrow range e. adjusts in response to market forces
Why do firms form a cartel? How do cartels achieve their goals?
What will be an ideal response?
The long-run average total cost curve of a natural monopolist
A. Reflects declining average fixed costs. B. Falls continuously as more output is produced. C. Reflects diminishing returns. D. Is U-shaped.
Most economists believe that import-substitution strategies have been quite successful around the world.
Answer the following statement true (T) or false (F)