The supply curve of a firm operating in a competitive market is its（）
A. Marginal cost curve above the average variable cost curve
B. Marginal cost curve above the average total cost curve
C. Average total cost curve beyond the point where the marginal cost curve cuts it from below
D. Average variable cost curve below the average revenue curve
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The following, WITH ONE EXCEPTION, are ‘protectionist measures’ in international trade. Which is the exception（）
A. Import quotas
B. Subsidies for exporters
Customs procedures
D. Tariffs
Which of the following is NOT an element of fiscal policy（）
A. Government spending
B. Government borrowing
C. Taxation
D. Exchange rates
In a free market economy, the price mechanism（）
Aids government control
B. Allocates resources
C. Measures national wealth
D. Measures national wealth
If a government has a macro-economic policy objective of expanding the overall level of economic activity, which of the following measures would NOT be consistent with such an objective？A Increasing p
A. Increasing public expenditure
B. Lowering interest rates
C. Increasing taxation
D. Lowering interest rates
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