Which of the following was an important reason why the United States did NOT sign the Kyoto Protocol?
a. It believed that exemptions for some of its major developing country trading partners (such as China and India) were unfair.
b. It believed that Europe's targets were set ridiculously low.
c. It believed that pollution does not cause global warming.
d. It believed that targets for some of its major developing country trading partners (such as China and India) were too low.
Ans: a. It believed that exemptions for some of its major developing country trading partners (such as China and India) were unfair.
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Indicate whether the statement is true or false
When a nation first begins to trade with other countries and the nation becomes an exporter of soybeans,
a. this is an indication that the world price of soybeans exceeds the nation's domestic price of soybeans in the absence of trade. b. this is an indication that the nation has a comparative advantage in producing soybeans. c. the nation's consumers of soybeans become worse off and the nation's producers of soybeans become better off. d. All of the above are correct.
Most markets are not monopolies in the real world because
a. firms usually face downward-sloping demand curves. b. supply curves slope upward. c. firms usually equate price with marginal cost. d. there are reasonable substitutes for most goods.
Suppose that Brazil and Peru exchange coffee and leather. Brazil can produce both coffee and leather more efficiently than Peru, but Brazil can produce coffee more efficiently than leather. Comparative advantage states that:
A) Brazil should produce both coffee and leather and not trade. B) Brazil should produce coffee, Peru should produce leather, and both countries should trade. C) Brazil should produce leather, Peru should produce coffee, and both countries should trade. D) Peru should produce both coffee and leather and not trade.