Which of the following allows member countries to import from other member countries freely, but imposes trade barriers against imports from outside countries?
A. A trade embargo
B. A trade bloc
C. A trade union
D. A cultural union
Answer: B
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The exchange rate can be very volatile, yet the quantity of dollars traded might not change much because
A) the Fed is constantly intervening by buying and selling dollars. B) there is only limited quantity of dollars in the foreign exchange market. C) supply of dollars and the demand for dollars often change in opposite directions. D) supply of dollars and the demand for dollars often change in the same directions. E) both the demand curve for dollars and the supply curve of dollars are horizontal.
Entrepreneurs are people who
A) accept ultimate responsibility for the projects they undertake. B) are hired by others to manage business enterprises. C) are hired by others to organize business enterprises. D) own the resources used in the production process. E) prefer a small chance for a large profit to a large chance for a small profit.
Which of the following is NOT a device to reduce transaction costs?
A) shopping centers B) auto dealers located close together C) government prohibitions on advertising D) banks that direct funds from savers to borrowers
The demand curve faced by a monopolistically competitive firm
A. is more elastic than the demand curve faced by the purely competitive firm. B. is less elastic than the monopolist's demand curve. C. will shift outward as new firms enter the industry. D. is more elastic than the monopolist's demand curve.