The individual production points on each person's production possibilities frontier represent their _____. Question 2 options: final endowment initial endowment initial potential endowment final potential
The individual production points on each person's production possibilities frontier represent their _____. Question 2 options: final endowment initial endowment initial potential endowment final potential
Chapter35: International Trade Restrictions
Section: Chapter Questions
Problem 1E
Related questions
Question
The individual production points on each person's production possibilities frontier represent their _____.
Question 2 options:
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final endowment
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initial endowment
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initial potential
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endowment
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final potential
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Which of the following is true about the Multi-Fiber Agreement?
Question 3 options:
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It specified quotas on textile exports from all major exporting countries to all major importing countries.
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It had been renewed periodically throughout the 1970s but completely phased out by the 1980s.
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It resulted from a multilateral negotiation between five primary textile exporting countries.
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It was renamed as the Agreement on Textiles and Clothing (
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It eliminated both tariffs as well as quotas leading to a free trade in textiles.
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The following are fundamental reasons for economic growth displayed using the multiperson PPF include:
Question 4 options:
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An increase in new resources, such as labor or capital, to production
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A reemployment of previously
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An increase in productivity
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(a) and (b) only
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Both (a), (b), and (c)
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In the face of a foreign government subsidy, import-competing firms can:
Question 5 options:
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appeal directly to the foreign country government.
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petition their own government under their domestic antisubsidy laws.
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reduce the price of their products in the short run and make up for the loss in the long run.
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appeal to the GATT member nations for assistance.
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petition to the antiglobalization groups for protection against unfair trade practices.
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Which of the following trade policies were adopted by the U.S. government during the economic crisis of the 1930s?
Question 6 options:
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The government imposed high tariff rates on import.
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The government subsidized the domestic import competing industries.
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The government set an import quota on the goods coming from foreign countries.
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The government entered into regional trade agreements with the developing countries.
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The government liberalized the agricultural sector.
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