Related to the Economics in Practice on p. 666: When a country opens its markets to free trade, competition ________ and efficiency ________.
A. grows; improves
B. grows; declines
C. decreases; declines
D. decreases; improves
Answer: A
Economics
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Describe, in general terms, the lags in the effects of monetary policy on interest rates, output, and prices. Be sure to note how long it takes each variable to respond to policy changes
What will be an ideal response?
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What should a profit maximizing monopolist do if she is currently producing where MC < MR?
a. Increase output until MC = MR. b. Decrease output until MC = MR. c. Shut down in the long run. d. Keep producing at this level. e. Operate only in the short run.
Economics