If the demand for British pounds decreases,
a. the equilibrium price of the pound will increase
b. the equilibrium price of the pound will decrease
c. the equilibrium price of the pound will not change
d. the equilibrium price of the pound will change, but we need additional information to predict the direction of the change
e. no one can predict what will happen
B
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The World Trade Organization (WTO) promotes foreign trade and investment, or globalization. In recent years opposition to globalization has led to violent protests at meetings of the WTO. One reason for these anti-globalization protests is
A) protesters believe that free trade destroys the distinctive cultures of many countries. B) protesters believe that globalization will result in a return to communism in developing countries. C) protesters object to the loss of intellectual property (such as software programs and movies) that results from foreign trade and investment. D) foreign trade and investment are examples of zero-sum games.
Compared to the short run, the long-run market supply curve is
a. less elastic b. equally elastic c. more elastic d. always negatively sloped e. None of the answers is correct.