Refer to the Article Summary. Assume countries initially enacted protectionist measures against Chinese steel imports. If these protectionist measures were eventually eliminated, then all else equal, the price of steel in those countries would ________ and the quantity of steel demanded in those countries would ________.

Which of the following is not one of the theories that have emerged as alternatives to the HO model?

A) The human skills theory. B) The product life cycle theory. C) The similarity of preferences theory. D) All of the above have been suggested as alternatives to the HO model.

Hiring a sports celebrity to advertise a car dealership is a way of

A. screening those who aren’t willing to pay as much for a car. B. statistically discriminates potential buyers who like sports. C. signaling the quality of the cars because it is costly to hire that celebrity. D. a waste of the dealership’s money because celebrities aren’t car experts.

A monetary offset occurs when:

A. the central bank responds to expansionary fiscal policy with contractionary monetary policy. B. the central bank responds to expansionary fiscal policy with expansionary monetary policy. C. the central bank responds to contractionary monetary policy with contractionary fiscal policy. D. the central bank responds to expansionary monetary policy with contractionary fiscal policy.

If an industry evolves from monopolistic competition to oligopoly, we would expect:

A. the four-firm concentration ratio to decrease. B. the four-firm concentration ratio to increase. C. the four-firm concentration ratio to remain the same. D. barriers to entry to weaken.