What are two main obstacles to increased international integration?
What will be an ideal response?
Laws and regulations adopted strictly for domestic reasons that unintentionally limit international commerce when economies become more integrated; Conflicts over standards
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More than 80 percent of the home heating oil used in the United States goes to the Northeast. In Vermont, the vast majority of people there use oil to stay warm when it's cold outside
Richard Izor heats his home with oil and inquires, "I'd like to see them come in and put a ceiling on the oil price now before it gets any higher. Why they haven't done this is more than I can understand." Which of the following is NOT likely to occur if such a price ceiling was imposed? A) There would be a surplus of heating oil. B) A heating oil shortage may occur. C) A black market for heating oil may be created. D) There would be an increase in inefficiency in the heating oil market.
The collapse of the Bretton Woods system marked
A) the end of floating exchange rates and a move to fixed exchange rates. B) marked the end of fixed exchange rates and a move to floating exchange rates. C) the beginning of the gold standard. D) a plunge in the price of gold. E) the elimination of paper currencies.
If Congress instituted an investment tax credit, the demand for loanable funds would shift rightward
a. True b. False Indicate whether the statement is true or false
Two suspected drug dealers are stopped by the highway patrol for speeding. The officer searches the car and finds a small bag of marijuana and arrests the two. During the interrogation, each is separately offered the following: "If you confess to dealing drugs and testify against your partner, you will be given immunity and released while your partner will get 10 years in prison. If you both
confess, you will each get 5 years." If neither confesses, there is no evidence of drug dealing, and the most they could get is one year each for possession of marijuana. If each suspected drug dealer follows a dominant strategy, what should he/she do? a. Confess regardless of the partner's decision b. Confess only if the partner confesses c. Don't confess regardless of the partner's decision d. Don't confess only if the partner doesn't confess