Why is it necessary for business people to monitor political activity concerning international trade?
What will be an ideal response?
Answer: Legal and political regulations are different in different countries and the firm should understand those regulations before entering in the market to operate efficiently and gain advantages
Political relations between the countries lead to growth and expansion of international trade
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Time inconsistency means
A) taking different decisions at different times despite facing the same situation. B) making policy choices that violate the intertemporal budget constraint. C) deciding to do something tomorrow, and then doing something different tomorrow. D) adding a random factor to decisions.
A decrease in total revenue will result if
A) demand is inelastic and price increases. B) demand is elastic and price decreases. C) demand is inelastic and price decreases. D) demand is unitary elastic and price decreases.
The incidence of a tax:
A. falls entirely on consumers if demand is perfectly elastic. B. falls entirely on consumers if demand is perfectly inelastic. C. is shared by suppliers and consumers if demand is perfectly elastic. D. falls entirely on suppliers if demand is perfectly inelastic.
Advocates of antipoverty programs believe that fighting poverty
a. can make everyone better off. b. is most successfully accomplished by charities. c. is most efficiently accomplished by the market. d. reduces the well-being of tax payers.