In a market with perfect competition, given enough time and no barriers to entry, profits will tend toward zero in the long run.
Answer the following statement true (T) or false (F)
True
Without a barrier to entry, given enough time, competition will squeeze out any profits.
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This group consists of seven members appointed by the President of the United States for 14-year terms
A) the presidents of the Federal Reserve Banks. B) the members of the Federal Open Market Committee. C) the members of the Board of Governors of the Federal Reserve System. D) None of the above answers are correct.
Proponents of fixed exchange rates, who argue that these rates eliminate uncertainty and therefore promote international trade, sometimes fail to recognize:
A. that international trade is bad for the economy and should not be promoted. B. that exchange rates do not matter to businesses, so the uncertainty has no impact. C. that fixed exchange rates are more volatile than flexible exchange rates. D. that fixed exchange rates may not remain fixed forever.
Refer to the information provided in Figure 13.4 below to answer the question(s) that follow. 
Figure 13.4Refer to Figure 13.4. The profit-maximizing level of output for this monopolist is ________ units of output.
A. 20 B. 22 C. 24 D. 26
If the inflation rate in the U.S. is higher than in other countries, the value of the dollar in international currency markets will be expected to
A. remain unchanged. B. rise. C. fall.