If exports are being excluded unfairly from a market, the World Trade Organization (WTO) may authorize
A. Other nontariff barriers.
B. Quotas.
C. Retaliatory tariffs.
D. Retaliatory comparative advantages.
Answer: C
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Under a pure price system, the decision of resource allocation is made by
A) the head of the government. B) a queen or king. C) individuals who own the resources. D) no one.
A change in the ceteris paribus conditions for supply will lead to a
A) change in quantity supplied. B) change in supply. C) change in quantity supplied and a change in supply. D) change in how consumers view the quality of the good.
What is the determining factor of the market mechanism?
A.) The price of the good. B.) The government. C.) The presence of foreigners. D.) None of the above is true.
Which of the following has occurred for the United States since 1960?
A) The ratio of exports to GDP (X/Y) and the ratio of imports to GDP (IM/Y) have both decreased. B) X/Y has increased while IM/Y has decreased. C) X/Y has decreased and IM/Y has increased. D) X/Y and IM/Y have stayed relatively constant. E) none of the above