Since World War II, world trade has
A) decreased in importance as nations turn inward due to security concerns.
B) increased, but not as dramatically as annual world real GDP has climbed.
C) risen sharply, outpacing gains in annual world real GDP.
D) increased in relative importance for most nations, but not for the United States.
C
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Having one central bank responsible for managing the common currency and replacing the national monetary authority provides benefits that include all of the following, EXCEPT:
A) independence and the ability to resist political pressure. B) better performance in keeping inflation stable with no large swings in unemployment. C) the ability to tailor the supply of money for a variety of economic conditions in the member states. D) provision of a stable nominal anchor.
If firms in a perfectly competitive industry are earning an economic profit, then in the ________, firms will ________ the industry
A) short run; enter B) long run; enter C) short run; exit D) long run; exit E) More information about the firms' costs and the price of the product is needed to determine if firms enter or exit the industry.