What stage of the business cycle would be most appropriate to describe the years from 1929 to 1933?
(A) A contraction
(B) A peak
(C) An expansion
(D) A trough
Ans: (A) A contraction
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The belief that the U.S price level will rise in the future will tend to cause, other things the same ________
A) no change in the value of the U.S. dollar B) an increase in the value of the U.S. dollar C) no change in the value of the U.S. dollar in the short-run D) a decrease in the value of the U.S. dollar
U.S. prisoners of war during World War II used cigarettes as a medium of exchange
Indicate whether the statement is true or false
What is likely to happen if many new businesses enter a market?
Industry profits will increase Industry capacity will fall Competitive rivalry will intensify Barriers to entry will rise
The net loss from trade diversion for a country is likely to be smaller if
A. the good can be produced at relatively lower cost in the bloc-partners than in the outside world. B. the bloc partner's export price is closer to the tariff-inclusive price for imports from countries outside the bloc. C. the county's import demand is more elastic. D. the country's tariff rate on the product is higher.