When a German Submarine Fired on the American Destroyer Greer

question 62

Multiple Choice

When a German submarine fired on the American destroyer Greer, _______________________.

• A) Germany declared war with the United States
• B) England demanded the Lend-Lease Act be revoked
• C) President Roosevelt granted the navy the authority to fire first when threatened
• D) President Roosevelt asked Congress for a declaration of war on Germany

Analyze the effects of currency appreciation and depreciation on international trade and economic conditions.

Evaluate the pros and cons of the managed float system of exchange rates.

Recognize the role of opportunity costs in determining specialization and trade patterns.

Identify the conditions under which nations gain from trade and how terms of trade affect these gains.

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Definitions:

Probable Cause

A legal standard that requires a reasonable basis to believe a person has committed a crime, used in issuing warrants and arrests.

Suspect Committed Crime

The allegation or belief that an individual is responsible for committing a criminal act, often the preliminary step in a legal investigation.

Cost-output Elasticity

A measure of the responsiveness of the cost of production to a change in the level of output, indicating how costs change as production scales.

Economies of Scale

Refers to the cost advantage that arises with increased output of a product, where fixed costs are spread out over more units of output.