In 2008, the rate of inflation was 2%, which then rose to 3% in 2009 before falling back to 2% in 2010. Between 2008 and 2009, the economy experienced _____ and between 2009 and 2010, the economy experienced _____.

Which of the following is NOT an expected benefit of reducing nontariff barriers to trade?

A) Fewer firms to compete with B) Lower prices for many goods C) Increase in the volume of exports and imports D) Increase in production levels E) Improved overall economic welfare

In order for a firm to face a perfectly elastic demand curve, it must

a. be a large firm selling a standardized product b. be a small producer selling a standardized product c. be a small producer; its product may or may not be standardized d. be a large producer selling a non-standardized product e. sell a standardized product, but the size of the firm is irrelevant