One of the most famous cartels is OPEC.
Answer the following statement true (T) or false (F)
True
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The table above shows the amounts of cloth and cheese that China and Pakistan can produce in an hour. Which country has the comparative advantage in cloth and which country has the comparative advantage in cheese?
What will be an ideal response?
A country uses strategic trade policy to
A) increase profits that accrue to domestic producers. B) affect the exchange rate of its currency. C) impose countervailing duties. D) allow dumping of imports to increase consumer surplus.
Which of the following is an example of a durable strategy undertaken by firms to prevent competition?
a. Purchasing the latest technology available in the market b. A firm spending huge sums on advertisements. c. Selecting a unique location for carrying out operation d. Identifying a competent sales force
An increase in labor supply will:
a. decrease the equilibrium wage rate and increase the number of workers hired. b. increase the equilibrium wage rate and decrease the number of workers hired. c. decrease both the equilibrium wage rate and the number of workers hired. d. increase both the equilibrium wage rate and the number of workers hired.