From 1992-2007, the volume of currency traded worldwide:
a. slumped due to the world recession.
b. increased approximately 290%.
c. fluctuated wildly due to investor expectations.
d. was concentrated in trades in the developing world.
Ans: b. increased approximately 290%.
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How can economic growth help a country combat "brain drain"?
A) Economic growth combined with decreasing returns to human capital require workers to achieve steadily higher and higher levels of education over time. B) Economic growth opens up opportunities for better jobs and higher incomes for skilled workers. C) Economic growth allows highly skilled persons to earn more in a foreign country than in their native country. D) Economic growth increases the incomes of low-skilled workers relative to high-skilled workers.
When price falls in a perfectly competitive industry, each firm will
a. sell more output b. sell the same amount of output but earn less economic profit c. sell less output d. raise its price e. shut down production until price regains its former level