A voluntary export restraint is an agreement negotiated by two countries that places ________ that can be imported by one country from another country
A) a tax on goods B) a minimum quantity of a good
C) a numerical limit on the quantity of a good D) quality standards on goods
C
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Firm's should lower the price of their goods
a. If the demand for the product is elastic b. If it acquires a firm selling a complement good c. If it acquires a firm selling a substitute good d. Both a and b
The Bretton Woods agreement was reached
a. immediately after the Civil War b. just before World War I c. just after World War I d. just after the Great Depression e. toward the end of World War II
When a binding price floor is imposed on a market, a. price no longer serves as a rationing device
b. the quantity supplied at the price floor exceeds the quantity that would have been supplied without the price floor. c. only some sellers benefit. d. All of the above are correct.
Suppose that you borrow $100,000 from the bank to purchase some land and you agree to pay 2 percent interest on the loan. If the loan must be repaid in 12 months and the inflation rate is 4 percent during the year, then
A. you will repay the bank with fewer dollars than the bank initially loaned you. B. the bank will receive fewer dollars, because of inflation, than it had initially expected to receive. C. you will repay the bank with dollars with more purchasing power than you initially borrowed. D. you will repay the bank with dollars with less purchasing power than it initially loaned you.