Assuming all else equal, if the production technology available to a nation improves, its aggregate production function:

Explain what is meant by a devaluation of a currency. Under what circumstances would a country devalue its currency?

What will be an ideal response?

Refer to the Article Summary. Assume countries initially enacted protectionist measures against Chinese steel imports. If these protectionist measures were eventually eliminated, then all else equal, the price of steel in those countries would ________ and the quantity of steel demanded in those countries would ________.

A) decrease; decrease B) increase; decrease C) decrease; increase D) increase; increase