Answer the following statement(s) true (T) or false (F)
1. Protectionists support the use of trade barriers, such as tariffs and quotas.
2. Since the NAFTA was reached in 1992, trade among Canada, Mexico, and the United States has risen, but exports to the United States have declined.
3. Both environmentalists and free trade advocates supported the General Agreement on Tariffs and Trade (GATT).
4. Available data indicate that the reduction of trade barriers associated with the World Trade Organization (WTO) has led to improved trade flows.
1. True
2. False
3. False
4. True
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A situation where a union bargains with a monopsony employer is termed a
A) bilateral monopsony. B) bilateral monopoly. C) bilateral agreement. D) unilateral agreement.
Which of the following is not a reason why the Industrial Revolution occurred when and where it did?
A) The British government was able to more easily seize wealth. B) Institutional changes by the British government helped protect wealth. C) The British government was committed to upholding private property rights. D) The British government was able to eliminate arbitrary increases in taxes.
American automobile manufacturers and dealers appear to adjust the price (sticker prices plus financing charges) by periodically changing interest rates and by using rebates and surcharges as opposed to directly changing sticker prices
Assuming that they maximize their profits, this pricing approach may reflect A) a relatively low cost to adjust sticker prices. B) a relatively low cost to adjust advertising. C) a relatively high cost to adjust sticker prices. D) a relatively high cost of advertising.
A country has a population of 10 million people with 1 million unemployed, which is an unemployment rate of 20%. The number of people in the labour force is therefore:
(a) 10 million; (b) 5 million; (c) 1 million; (d) 2 million.