Refer to the table above. By what percentage did the federal minimum wage increase from 1974 to 2011?
A) 72.41 percent B) 262.5 percent C) 362.5 percent D) 525.0 percent
B
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One reason for international specialization in production is
a. differing national tastes b. diseconomies of scale in production c. a high world price for a good d. resources are plentiful in all nations e. people have limited wants for domestically produced goods and services
Since World War II, tariff reductions have occurred in large part because of negotiations under the:
a. Industry and Trade Administration Act. b. Employment Act. c. Monetary Control Act. d. General Agreement on Tariffs and Trade.
When Korean firms sold VCRs in Korea at a higher price than they did in Europe, this illustrates dumping due to:
A. predatory pricing. B. avoidance of environmental laws. C. price discrimination. D. retaliatory trade practices.
The exchange rate for the Mexican peso changes from $1 = 5 pesos to $1 = 6 pesos. This change will lead to:
A. U.S. goods becoming less expensive for Mexicans B. Mexican goods becoming more expensive for Americans C. An increase in U.S. exports to Mexico D. A decrease in U.S. exports to Mexico