Which of the following would increase the demand for U.S. dollars in the foreign exchange market?
a. the spending of U.S. tourists in France
b. the purchase of Japanese automobiles by American consumers
c. the sale of U.S. automobiles to French consumers
d. provision of bilateral trade agreements
c
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In the economic way of thinking, "scarcity" is another way of saying
A) "regret." B) "responsibility." C) "unsustainable." D) "sacrifice." E) "waste."
Refer to Figure 8.2. Holding other variables constant, a decrease in households' wealth will result in a
A) movement from point A to point B. B) movement from point B to point A. C) shift from curve S1 to curve S2. D) shift from curve S2 to curve S1.
Which of the following is an infant-industry argument in favor of restrictions on foreign trade?
a. Foreign producers must be stopped from selling their products in this country below cost of production. b. Domestic workers must be protected from the lower wages paid in foreign countries. c. The nation's security demands we ensure an adequate domestic supply capacity of certain products. d. Do unto others as they do unto you. e. Industries in the early stages of development must be protected from more mature producers.
Competitive firm can earn economic profits over the long run
Indicate whether the statement is true or false