The Service Employees International Union is an example of a(n)
A) guild.
B) craft union.
C) industrial union.
D) public-sector union.
C
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If the elasticity measure equals 3.5, then the demand is
A) elastic. B) unit elastic. C) inelastic. D) infinitely elastic.
The price a perfectly competitive firm receives for its output
A) is determined by the interaction of all sellers and all buyers in the firm's market. B) is determined by the interaction of the firm and all of the consumers who buy from the firm. C) will be lowered by the firm in order to sell more output. D) will not change in response to changes in market demand and supply because the firm is a price taker.
Shocks and Integration) The graph shows hypothetical OCA economic criteria for several South American countries. Using the graph, which of the following best satisfy the OCA criteria for forming a monetary union?
A) Peru and Colombia B) Peru and Uruguay C) Venezuela and Uruguay D) Colombia and Venezuela
Suppose that the U.S. imposes a countervailing duty of 10% on coated paper imported from China to offset alleged Chinese subsidies. Suppose further that the U.S. duty-free price of Chinese coated paper imports is $500 per 1,000 meter roll and that the price of an equivalent roll of U.S.made coated paper is $600 per 1,000 meter roll. What is the likely response of Chinese coated paper exporters to the U.S. countervailing duty?
a. They will not change their U.S. duty-free price of their exports and absorb all of the duties. b. They are likely to reduce their U.S. duty-free price of their exports by one-half. c. They are likely to reduce their U.S. duty-free price of their exports so that their U.S. prices, including the duties, are less than $600 per 1,000 meter roll. d. They are likely to reduce their U.S. duty-free price of their exports so that their U.S. prices, including the duties, are only slightly more than $600 per 1,000 meter roll.