The supply of euros is managed by
A) the European Monetary Union.
B) the European Monetary System.
C) the European Central Bank.
D) the European Bank for Reconstruction and Development.
C
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A firm that has taken advantage of economies of scale and expanded to become the only producer in the market is
A) a cartel. B) a natural monopoly. C) a monopolistic competitor. D) an oligopolist.
An increase in the exchange rate of the U.S. dollar relative to a trading partner can result from
a. higher anticipated costs of production in the U.S. b. higher interest rates and higher inflation in the U.S. c. higher growth rates in the trading partner's economy d. a change in the terms of trade e. lower export industry productivity
To solve the common pool problem in fishing, governments can __________, or __________
a. impose a depletion tax; prohibit resource use entirely b. impose a depletion tax; restrict output c. introduce an offsetting positive externality; prohibit resource use entirely d. use a variable technology; impose a depletion tax e. restrict output; prohibit resource use entirely
The responsiveness of suppliers to changing prices is called the:
a. cross elasticity. b. supply elasticity. c. supply period. d. long-run. e. market-day.