* not completed

. A franchise occurs when:

A franchisee sells the right to use its name and products to a franchisor correct incorrect

A franchisee sells the right to use its name and products to a franciscan correct incorrect

A franchisor sells the right to use its name and products to a franchisee correct incorrect

A franciscan sells the right to use its name and products to a franchisor correct incorrect

* not completed

. Comparative advantage occurs when:

A country has more diseconomies of scale in the production of a product than others correct incorrect

A country has a higher opportunity cost on the production of a product than others correct incorrect

Social costs are more than private costs correct incorrect

A country has a lower opportunity cost on the production of a product than others correct incorrect

* not completed

. The exchange rate measures:

The standard of living correct incorrect

The price of living correct incorrect

The cost of living correct incorrect

The price of one currency in terms of another correct incorrect

* not completed

. An increase in demand for a currency is likely to:

Increase the value of the currency and increase the equilibrium quantity correct incorrect

Increase the value of the currency and decrease the equilibrium quantity correct incorrect

Decrease the value of the currency and increase the equilibrium quantity correct incorrect

Decrease the value of the currency and decrease the equilibrium quantity correct incorrect

* not completed

. A decrease in demand for a currency is likely to:

Increase the value of the currency and increase the equilibrium quantity correct incorrect

Increase the value of the currency and decrease the equilibrium quantity correct incorrect

Decrease the value of the currency and increase the equilibrium quantity correct incorrect

Decrease the value of the currency and decrease the equilibrium quantity correct incorrect

* not completed

. A decrease in the supply of a currency is likely to:

Increase the value of the currency and increase the equilibrium quantity correct incorrect

Increase the value of the currency and decrease the equilibrium quantity correct incorrect

Decrease the value of the currency and increase the equilibrium quantity correct incorrect

Decrease the value of the currency and decrease the equilibrium quantity correct incorrect

* not completed

. An increase in the supply of a currency is likely to:

Increase the value of the currency and increase the equilibrium quantity correct incorrect

Increase the value of the currency and decrease the equilibrium quantity correct incorrect

Decrease the value of the currency and increase the equilibrium quantity correct incorrect

Decrease the value of the currency and decrease the equilibrium quantity correct incorrect

* not completed

. A tariff:

Is a tax on foreign goods correct incorrect

Limits the number of foreign goods allowed into a country correct incorrect

Prevents all foreign products coming into a country correct incorrect

Removes all barriers to trade correct incorrect

* not completed

. A quota:

Is a tax on foreign goods correct incorrect

Limits the number of foreign goods allowed into a country correct incorrect

Prevents all foreign products coming into a country correct incorrect

Removes all barriers to trade correct incorrect

* not completed

. A tariff will:

Decrease the price of products in the country correct incorrect

Increase the quantity demanded correct incorrect

Increase domestic production correct incorrect

Reduce government revenue correct incorrect

* not completed

. All other things being equal, a strong pound:

Decreases the price of exports in pounds correct incorrect

Decreases the price of exports in foreign currency correct incorrect

Increases the foreign price of imports correct incorrect

Decreases the UK price of imports correct incorrect

* not completed

. All other things being equal, a weak pound:

Decreases the price of exports in pounds correct incorrect

Decreases the price of exports in foreign currency correct incorrect

Increases the foreign price of imports correct incorrect

Decreases the UK price of imports correct incorrect

* not completed

. If a currency appreciates this means:

It has fallen in value against other currencies correct incorrect

Demand for the currency has fallen correct incorrect

It has increased in value against other currencies correct incorrect

The supply of the currency has increased correct incorrect