The Japanese economy began its development after the:
a. establishment of a monarchy
b. the Tokogawa Dynasty
c. The Second World War
d. The Tan dynasty
e. the Meiji Restoration
E
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A profit-maximizing monopolist never produces along the __________ portion of the demand curve because marginal revenue is __________ there
a. elastic; positive b. elastic; negative c. inelastic; negative d. inelastic; positive e. inelastic; zero
The trade-creation effect refers to:
a. the outcome of a preferential trade agreement that reduces economic efficiency by shifting production to a higher-cost producer. b. the effect of an increase in the quantity of imports relative to the effect of a tariff applicable to all imports. c. the outcome of a preferential trade agreement that allows a country to obtain goods at a lower cost than is available at home. d. the effect of a diversion of production to a country that has comparative advantage due to a free trade agreement. e. the effect of a decrease in the quantity of exports relative to the effect of a subsidy applicable to all exports.