Economics Mcqs

Developing countries that concentrate production in agricultural products or raw materials may face a long-run decline in their international terms of trade because of ?

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Develog countries that concentrate production in agricultural products or raw materials may face a long-run decline in their international terms of trade because of ?

A. inelastic demand for these products in advanced countries
B. large increases in the supplies of these products on world markets because of export expansion policies
C. sluggish demand for these products in advanced countries
D. All of the above

An export quota agreement to stabilize the price of bauxite tends to be more successful when the member producer countries as a percentage of the world’s producer countries is __________ and the _________ it is for the member producer countries to store/stock pile bauxite?

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An export quota agreement to stabilize the price of bauxite tends to be more successful when the member producer countries as a percentage of the world’s producer countries is __________ and the _________ it is for the member producer countries to store/stock pile bauxite?

A. relatively small; more difficult
B. relatively small; easier
C. relatively large; more difficult
D. relatively large; easier

Suppose that the demand curve for tin is highly inelastic. If the supply curve of tin decrease and increase cyclically along the demand curve for tin then in this market the size of the price fluctuation will be __________ the size of the quantity fluctuations?

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Suppose that the demand curve for tin is highly inelastic. If the supply curve of tin decrease and increase cyclically along the demand curve for tin then in this market the size of the price fluctuation will be __________ the size of the quantity fluctuations?

A. relatively greater then
B. relatively less than
C. the same as
D. any of the above

In the Px = export price index, Pm = import price index, Qx = export quantity index,and Qm = import quantity index. Developing countries tend to maintain that their commodity term of trade have declined over the long run suggesting that _________ has declined?

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In the Px = export price index, Pm = import price index, Qx = export quantity index,and Qm = import quantity index. Develog countries tend to maintain that their commodity term of trade have declined over the long run suggesting that _________ has declined?

A. Px/Pm
B. Pm/Px
C. (Pm/Px)Qm
D. (Px/Pm)Qx

Because supply and demand conditions for primary products are very price inelastic their prices ?

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Because supply and demand conditions for primary products are very price inelastic their prices ?

A. have been steadily rising in recent decades
B. have been more stable than the prices of manufactured goods
C. fluctuate about as much as the prices of manufactured goods
D. tend to be very unstable from year to year

The ability of the Organization of Petroleum Exporting Countries (OPEC) to maximize profits is hampered by ?

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The ability of the Organization of Petroleum Exporting Countries (OPEC) to maximize profits is hampered by ?

A. a lack of substitutes for oil
B. similar cost schedules for member countries
C. highly inelastic world demand curve for oil
D. economic recession for oil importing nations