Producers of paper products are most likely to be in favor of
A. Free trade in the paper product market but protectionism in the lumber market.
B. Protectionism in the paper product market but free trade in the lumber market.
C. Free trade in the paper product market and the lumber market.
D. Protectionism in the paper product market and the lumber market.
Answer: B
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Interdependence of firms is most common in
A) oligopolistic industries. B) monopolistically competitive industries. C) monopolistically competitive and oligopolistic industries. D) monopolistic industries.
Cyclical unemployment is positive when
A) the inflation rate is positive. B) the economy is at the peak of a business expansion. C) the natural rate of unemployment exceeds the actual rate. D) the actual unemployment rate exceeds the natural rate.
The demand curve for the product of a perfectly competitive firm is
A) downward sloping. B) upward sloping. C) perfectly inelastic. D) perfectly elastic.
Assume a country experiences heavy capital outflows. Where and how should you begin your analysis when analyzing the chain reaction of economic interactions? Assume the exchange rate is stated as: (Domestic currency/Foreign currency)
a. Start the analysis in the foreign exchange market with demand shifting to the right. b. Start the analysis in the foreign exchange market with supply shifting to the left. c. Start the analysis in the foreign exchange market with supply shifting to the right. d. Start the analysis in the real credit market with demand shifting to the left. e. Start the analysis in the real credit market with demand shifting to the right.