If the effective rate of protection is greater than the nominal rate of protection, there must be tariffs on intermediate products

Under a fixed exchange rate regime, if a country has an ________ exchange rate, then its central bank's attempt to keep its currency from appreciating will result in a ________ of international reserves

A) undervalued; gain B) undervalued; loss C) overvalued; gain D) overvalued; loss

Three firms agree to operate as a monopoly and charge the monopoly price of $40 for their product and (jointly) produce the monopoly quantity of 50,000 units. If the competitive price for the product is $35, under the Clayton Act these three firms face treble damages of ________.

A) $1,000,000 B) $250,000 C) $3,000,000 D) $750,0