When BMW, an German company, purchases a welding machine that was made in Toronto, the purchase is
A) a German export and a Canadian import.
B) a German import and a Canadian export.
C) both a German and a Canadian import.
D) neither an export nor an import for either country.
B
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Suppose that total expenditures for coffee reach a maximum at a price of $5 per pound. At this price, the demand for coffee is:
A. elastic. B. inelastic. C. perfectly inelastic. D. unit elastic.
The prohibitive tariff is a tariff that
A) is so high that it eliminates imports. B) is so high that it causes undue harm to trade-partner economies. C) is so high that it causes undue harm to import competing sectors. D) is so low that the government prohibits its use since it would lose an important revenue source. E) is so low that it causes domestic producers to leave the industry.
The net worth of a bank
a. determines the level of bank loans possible. b. is determined by subtracting liabilities from assets. c. is determined by subtracting assets from liabilities. d. can never be a negative value.
Which of the following pricing policies compensate customers if the firm fails to provide the best price in the market?
A. Brand loyalty B. Randomized pricing C. Beat-or-pay D. Price matching