All of the following statements are true except
A. Until 1971 the United States had run a trade surplus virtually every year of the 20th century.
B. The U.S. ran relatively small trade deficits through most of the 19th century.
C. The U.S. was the only industrial power to raise tariffs during the 1930s.
D. World trade in the 1930s dwindled to a fraction of what it had been in the 1920s.
C. The U.S. was the only industrial power to raise tariffs during the 1930s.
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In the short run, when a firm is about to begin production it pays only:
A) variable costs. B) opportunity costs. C) sunk costs. D) fixed costs.
Which of the following is not assumed constant along the U.S. demand curve for foreign exchange?
a. the exchange rate b. U.S. interest rates c. expected U.S. inflation d. expected foreign inflation e. increase in U.S. income