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

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Answered: The individual production points on…

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter35: International Trade Restrictions

Section: Chapter Questions

Problem 1E

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Question

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

Which of the following is true about the Multi-Fiber Agreement?

Question 3 options:

	It specified quotas on textile exports from all major exporting countries to all major importing countries.
	It had been renewed periodically throughout the 1970s but completely phased out by the 1980s.
	It resulted from a multilateral negotiation between five primary textile exporting countries.
	It was renamed as the Agreement on Textiles and Clothing (ATC) during the Doha Round of discussions.
	It eliminated both tariffs as well as quotas leading to a free trade in textiles.

The following are fundamental reasons for economic growth displayed using the multiperson PPF include:

Question 4 options:

	An increase in new resources, such as labor or capital, to production
	A reemployment of previously unemployed resources
	An increase in productivity
	(a) and (b) only
	Both (a), (b), and (c)

In the face of a foreign government subsidy, import-competing firms can:

Question 5 options:

	appeal directly to the foreign country government.
	petition their own government under their domestic antisubsidy laws.
	reduce the price of their products in the short run and make up for the loss in the long run.
	appeal to the GATT member nations for assistance.
	petition to the antiglobalization groups for protection against unfair trade practices.

Which of the following trade policies were adopted by the U.S. government during the economic crisis of the 1930s?

Question 6 options:

	The government imposed high tariff rates on import.
	The government subsidized the domestic import competing industries.
	The government set an import quota on the goods coming from foreign countries.
	The government entered into regional trade agreements with the developing countries.
	The government liberalized the agricultural sector.

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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