In 1995, the United States threatened to impose 100 percent tariffs on ________ from ________ if it didn't loosen its protectionist policies.
A. luxury cars; Japan
B. auto parts; Japan
C. brandies; France
D. light trucks; Germany
Answer: A
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An exchange rate is the price of one commodity (e.g., corn) measured in terms of another commodity (e.g., wheat)
a. True b. False
Keynes called the money people hold in order to pay unforeseen or unexpected expenses the:
A. transactions demand for holding money. B. precautionary demand for holding money. C. speculative demand for holding money. D. store of value demand for holding money.
The trade-off between unemployment and inflation is known as
A. an expansionary gap. B. the Phillips curve. C. the misery curve. D. the Keynesian mechanism.
Monopolistic competition is an industry market structure with
A. a single firm in which the entry of new firms is blocked. B. a small number of firms each large enough to impact the market price of its output. C. many firms each able to differentiate their product. D. many firms each too small to impact the market price of its output.