5. What does the slope of a production possibilities frontier (PPF) reveal?
8. In terms of production possibilities frontiers (PPF’s), give an example where it does not make sense for two
nations to trade.
15. What is meant by an “appreciation of the dollar in terms of euros”?
16. What is another way of expressing an “appreciation of the yen in terms of the dollar”?
20. What is meant by cross-subsidization? How did it relate to the telephone & airline industries?

23. What is meant by the Latin word agio ?
28. What are the arguments (pro & con) related to protectionism?
32. Which politician started the deregulation movement in the U.S. ? Which industry was targeted?
34. Compare and contrast deregulation of the telephone and airline industries.
36. What is the formula for “cost minimization of an input” ? … the “least cost combination of inputs” ?
37. What is meant by the G-67? What is meant by the G-20 ?
39. What is the Classical view of the economy? What is the Keynesian view of the economy?
41. What is meant by new wave regulation?Give examples.
42. In the United States, what was the first regulated industry? What was the regulatory agency?

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