A depreciation of the currency can switch spending away from foreign goods and reduce the effect of rising incomes on the current account

As long as price is greater than average variable cost, a firm maximizes its profit by producing that quantity of output for which

a. average revenue equals average total cost b. the price is the highest c. marginal revenue equals marginal cost d. average total cost is minimized e. average variable cost is minimized

The effect of a tariff or a quota is to

a. raise the price of a commodity in the exporting country above the price in an importing country. b. raise the price of a commodity in an importing country above the price in the exporting country. c. lower the price of the commodity in all countries. d. raise the price of the commodity in all countries.