The World Trade Organization (WTO) promotes foreign trade and investment, or globalization. In recent years opposition to globalization has led to violent protests at meetings of the WTO. All of the following are reasons for these anti-globalization
protests except
A) protestors believe the WTO favors the interests of high-income countries at the expense of lower-income countries.
B) protesters believe that tariffs are needed to protect domestic firms from foreign competition.
C) protesters believe that free trade destroys the distinctive cultures of many countries.
D) protesters object to the loss of intellectual property (such as software programs and movies) that results from foreign trade and investment.
Answer: D
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Cross-price elasticity refers to:
A. how much the quantity demanded of one good changes in response to a change in the price of a different good. B. how much the quantity demanded of one good changes in response to a change in its price. C. the magnitude of the shift in demand for a good in response to a change in its price. D. how much the quantity demanded of a good changes in response to a change in consumers' incomes.
If 1 U.S. dollar exchanges for 0.69 British pounds, how much would it cost in U.S. dollars and cents to purchase a British chess set priced at 20 pounds?
What will be an ideal response?
Tariffs are:
A. taxes on exports. B. subsidies for imports. C. taxes on imports. D. subsidies for exports.
When individuals are damaged by an illegal arrangement to restrain trade, which law allows them to pursue civil action and recover up to three times the damages sustained?
a. Trade Damage Act b. Clayton Act c. Sherman Act d. No law allows individuals to pursue civil action and recover up to three times the damages sustained.