Germany's environmental policies restrict the sale of nonrefillable bottles and cans. This policy reduces the imports of these products. A foreign country that argues that this policy is really intended to protect German beverage makers from competition is arguing that the policy is an example of:
A. a quota.
B. a regulatory trade restriction.
C. a tariff.
D. a sanction.
Answer: B
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From Figure 6-2, we can determine that demand is ____ between P = 12 and P = 10 and ____ between P = 6 and P = 4.
A. elastic; elastic B. elastic; inelastic C. inelastic; elastic D. inelastic; inelastic
Refer to Scenario 13.17. If the Incumbent Monopoly installed excess capacity in advance of the Potential Entrant's appearance on the scene, and this excess capacity had a cost of $X, it would reduce by $X the Incumbent Monopoly's payoffs in the
A) top row. B) bottom row. C) left column. D) right column. E) entire matrix.
U.S. income data over the last 75 years suggests that the distribution of income
a. has gradually become more equal over the entire time period. b. has gradually become less equal over the entire time period. c. gradually became less equal until about 1970, then became more equal from 1970 to 2011. d. gradually became more equal until about 1970, then became less equal from 1970 to 2011.
If the CPI for year 1 was 106.1, while that for year 2 was 112.4, then the inflation rate for year 2 was:
(a) 5.9%; (b) 6.3%; (c) 5.6%; (d) 12.4%.