The gravity equation is used to predict:
a. the level of bilateral trade.
b. the level of intra-industry trade.
c. the weight of exports plus imports.
d. the level of inter-industry trade.
Ans: a. the level of bilateral trade.
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Refer to the information provided in Figure 4.4 below to answer the question(s) that follow.
Figure 4.4Refer to Figure 4.4. At the world price of $125 per barrel of oil, the United States imports ________ million barrels of oil per day.
A. 4 B. 6 C. 8 D. 10
Refer to the below table. The marginal revenue product of the fourth unit of input is approximately:
A. $27
B. $21
C. $16
D. $13
In the past twenty years or so, all major U.S. trade legislation has typically included all of the following except
A) negotiating authority for the President to try to achieve new trade agreements. B) new U.S. trade barriers in the form of dumping or countervailing duty laws. C) new U.S. trade barriers in the form of uniformly higher tariffs on all goods. D) expanded laws calling on the President and USTR to investigate and challenge unfair trading practices of foreign countries.
A person is dynamically consistent if:
A. lapses in his self-control never occur. B. his preferences over the alternatives available at some future date do not change as the date approaches or once it arrives. C. he always wants to follow through on his plans and intentions. D. All of these are necessary for dynamic consistency.