One reason a country does not specialize completely in production is that not all goods and services are traded internationally

The ECB, like the U.S. Federal Reserve, is ______, and unlike the U.S. Federal Reserve, is not ______.

A) independent; a lender of last resort B) subject to scrutiny by the legislature; able to lend to large corporations C) dependent on congressional approval for its policies; committed to price stability D) able to lend to member governments; able to lend directly to banks

The long run supply curve for an increasing cost industry is:

a. horizontal. b. upward sloping. c. vertical. d. downward sloping.