By integrating vertically,
a. firms trade with one another through markets
b. firms trade with one another through government intermediation
c. firm and market processes are connected to produce a good or service most efficiently
d. the various procedures involved in producing a good are collected within one firm
e. the various procedures involved in producing a good are parceled out among various contractors
Question 2
As long as trade across borders is unrestricted and exchange rates adjust freely, the purchasing power parity theory predicts that the exchange rate between two national currencies will adjust in the
a. short run because of the actions of arbitrageurs
b. long run to reflect differences in the nations' price levels
c. long run to reflect changes in the governments' trade policies
d. short run because of the actions of speculators
e. long run to reflect differences in military power
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