Strategic trade policy might work if
A) trade decisions are made simultaneously by two countries.
B) trade decisions are made sequentially by two countries.
C) trade decisions entail response by a trading partner.
D) trade decisions are made in a random fashion.
B
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If the value of the cross elasticity of demand is negative, the two goods are
A) complementary goods. B) substitute goods. C) normal goods. D) inferior goods.
Globalization does not mean:
A) the homogenizing of markets. B) when one product or one brand is sold in many different international markets. C) the increase in trade among nations. D) the establishment of manufacturing plants in more than one nation. E) the purchase of supplies from foreign firms.
Refer to the graph shown. In the graph, if the price level is P0 and the aggregate demand curve is AD0, then the economy is in:
A. a recessionary gap. B. an inflationary gap. C. a short-run equilibrium but not a long-run equilibrium. D. a long-run equilibrium.
Which of the following most directly reflects the law of diminishing marginal utility?
A. After watching two football games, Terry decides to watch a third game. B. A sports fan enjoys watching Monday night football rather than going to the theater. C. After watching three episodes of her favorite show, Kim decides to go bowling rather than watch a fourth episode. D. A musician receives the biggest ovation of the evening after playing the final number of a recital.