Suppose that the firms collude and become a cartel The best level of output for the cartel as a whole is ___________ the price equals __________ and profits total __________? A. 2 million barrels per day, $100, $60 millionB. 4…
Poor develog countries typically impose __________ tariffs than rich advanced nations on imports? A. lowerB. higher C. about the same height D. None of the above
Membership in the World Trade Organization for china ? A. has been a matter of low priority for the Chinese government B. was achieved in the early 1950sC. has been opposed by a number of labor and human rights organizations…
The pattern of economic growth describes the phenomenon of countries moving up in technological development by following the patterns of countries ahead of them in the development process ? A. flying geese B. import substitution C. export orientation D. commodity…
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…
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…
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…
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…
_________ policies attempt to foster industrialization by establishing high barriers to imports of foreign goods to promote local production ? A. absolute advantage B. comparative advantage C. export-led growthD. import substitution
Export-led growth strategies tend to emphasize ? A. resource allocation based on the principle of absolute advantageB. resource allocation based on the principle of comparative advantage C. trade protection for import-competing firms D. trade protection for exporting-competing firms