According to the book, Akio Morita (the founder of Sony) drew a long-run average cost curve that was
A) U-shaped.
B) V-shaped.
C) W-shaped.
D) horizontal
A
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Countries that enjoy economic growth
A) have property rights and markets which provide incentives for discovering new technologies. B) place controls on property rights so that firms are protected from competition. C) restrict international trade so that domestic industries can grow. D) have economies that allow the government to make decisions in everyone's best interests. E) place high taxes on saving and investment.
If the Federal Reserve raises the U.S. interest rate, foreigners'
A) demand for U.S. dollars will increase and the exchange rate will rise. B) demand for U.S. dollars will decrease and the exchange rate will fall. C) demand for U.S. dollars will increase and the exchange rate will fall. D) demand for U.S. dollars will decrease and the exchange rate will rise.