The successor organization to GATT, created in 1995, is the

Today, one U.S. dollar exchanges for 1.10 euros. The next morning the same dollar exchanges for 1.07 euros. We can conclude that the dollar has ________ and the euro has ________

A) depreciated; appreciated B) appreciated; appreciated C) appreciated; depreciated D) depreciated; neither appreciated nor depreciated E) depreciated; depreciated

If a firm is currently in short-run equilibrium earning a profit, what impact will a lump-sum tax have on its production decision?

A) The firm will decrease output to earn a higher profit. B) The firm will increase output but earn a lower profit. C) The firm will not change output but earn a lower profit. D) The firm will not change output and earn a higher profit.