As a result of the Uruguay Round, production of ________ goods increased in industrialized countries and polluting emissions in these countries ________ as a result.
A. capital and skill-intensive; increased
B. unskilled-labor-intensive; increased
C. unskilled-labor-intensive; decreased
D. capital and skill-intensive; decreased
Answer: A
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Suppose that a market is currently served by a single firm protected by high entry costs from any potential competition. Then imagine fixed entry costs gradually falling in a model where any competition will be with quantity as the strategic variable. Describe how you would expect output price to evolve as entry costs fall.
What will be an ideal response?
If, in response to an increase in the price of chocolate the quantity of chocolate demanded decreases, economists would describe this as
A) a change in consumer income. B) a decrease in quantity demanded. C) a decrease in demand. D) a decrease in consumers' taste for chocolate.
Explain how does an increase in the real exchange rate affect exports and imports?
What will be an ideal response?
A technological improvement in the production of good X causes the:
a. demand curve for X to shift to the right. b. demand curve for X to shift to the left. c. supply curve for X to shift to the right. d. supply curve for X to shift to the left.