Judging by the ongoing changes in tariff rates in major trading countries, the world has been experiencing a great
A) trade liberalization.
B) surge of protectionism.
C) lack of progress in the trade-policy area.
D) move towards regional integration.
E) shift from export subsidies to specific tariffs.
A
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In the 1930s, some nations such as the United States and Britain abandoned their gold pegs by adopting ________, whereas other nations such as Germany and South American nations adopted ________.
A) floating exchange rates and open capital markets; fixed exchange rates and capital controls B) fixed exchange rates and open capital markets; floating exchange rates without capital controls C) fixed exchange rates and closed capital markets; floating exchange rates and closed capital markets D) floating exchange rates with closed capital markets; floating exchange rates and open capital markets
Is a monopolistically competitive firm allocatively efficient?
A) No, because it does not produce at minimum average total cost. B) Yes, because price equals average total cost. C) No, because price is greater than marginal cost. D) Yes, because it produces where marginal cost equals marginal revenue.