In what is known as direct exporting, the exporter sells goods directly to or through an independent domestic intermediary in the exporter's home country that then exports the products to foreign markets.
a. true
b. false
b. false
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In the real world we don't observe countries completely specializing in the production of goods for which they have a comparative advantage. All of the following are reasons for this except
A) some countries have more resources than other countries. B) tastes for many traded goods are different in many countries because of globalization. C) production of most goods involves increasing opportunity costs. D) not all goods and services are traded internationally.
Cartels are difficult to maintain because a. the monopoly output is very difficult to determine
b. the number of firms is always large. c. costs to the firms in a cartel are continually rising. d. each firm has an incentive to deviate from its agreed output level.
Jen has a PhD in economics and has been working for 3 years part-time as an instructor; she has always hoped to be hired as a full-time faculty member. The best way to describe Jen is to say she is:
A. unemployed. B. overemployed. C. a discouraged worker. D. underemployed.
The Lucas supply function, in combination with the assumption that expectations are rational, implies that an announced change in monetary policy affects
A. the actual price level, but not the expected price level. B. both the actual price level and the expected price level. C. the expected price level, but not the actual price level. D. neither the actual price level nor the expected price level.