Which of the following is not a tariff pattern of the major world traders?
A. overall tariff rates are relatively low
B. tariffs are higher in agriculture than in other industrial sectors
C. tariffs are higher to economically hostile countries
D. commonality in the sectors they protect most
Ans: C. tariffs are higher to economically hostile countries
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Refer to Figure 13.1. Assume the voting method used to select a location for the recreation center is the Condorcet method. In the first round of voting, the residents of the 4 towns can choose between Glacier Cove and Mountain View
The winner of that vote will receive ________ votes. A) 150 B) 285 C) 405 D) 480
Suppose that Brazil is capital abundant and Chile is natural resource abundant. If timber is natural resource intensive and computers are capital intensive, then
A) Chile will produce more computers after trade begins with Brazil. B) Brazil will produce more timber after trade begins with Chile. C) Chile will produce more timber after trade begins with Brazil. D) Brazil will completely specialize in computers once trade begins with Chile.
Productive efficiency means producing without:
a. cost. b. wages. c. waste. d. competition.
Government imposed price controls often lead to
A) illegal trades of the good. B) the most efficient use of resources. C) the equilibrium solution in terms of price and quantity. D) maximization of profits.