The organization that currently establishes rules of conduct for firms engaging in international trade is the ?

Related Mcqs:

1. Consulting firms that use large-scale econometric models to forecast exchange rate movements are engaging in ?

   A. judgmental analysis
   B. fundamental analysis
   C. technical analysis
   D. nontechnical analysis

2. Which round of international trade negotiations resulted in the creation of the World Trade Organization ?

   A. Kennedy Round of 1964-1967
   B. Tokyo Round of 1973-1979
   C. Uruguay Round of 1986-1993
   D. Doha Round of 2003-2007

3. A primary reason why nations conduct international trade is because ?

   A. Some nations prefer to produce one thing while others produce another
   B. Resources are not equally distributed to all trading nations
   C. Trade enhances opportunities to accumulate profits
   D. interest rates are not identical in all trading nations

4. When free trade areas are set up the member countries trade with each other grows faster than their trade with other countries This is due to what economist call ?

   A. trade diversion
   B. trade channeling
   C. trade creation and trade diversion
   D. trade creation

5. International trade forces domestic firms to become more competitive in terms of ?

   A. The introduction of new products
   B. Product design and quality
   C. Product price
   D. All of the above

6. When did World Trade Organization replace General Agreement on Tariffs and Trade (GATT)?

   A. 1st January 1995
   B. 1st January 1998
   C. 1st December 1999
   D. 1st June 2000

   Submitted by: Syed Nizakat Ali Shah

7. Assume that firms in an oligopoly are currently colluding to set price and output to maximise total industry profit. If the oligopolists are forced to stop colluding, the price charged by the oligopolists will _________ and the total output produced will __________?

   A. decrease; decrease
   B. increase; decrease
   C. decrease; increase
   D. increase; increase

8. Which of the following is true regarding the production and pricing decisions of monopolistically competitive firms? Monopolistically competitive firms choose the quantity at which marginal cost equals ?

   A. marginal revenue and then use the demand curve to determine the price consistent with this quantity
   B. average total cost and then use the supply curve to determine the price consistent with this quantity
   C. marginal revenue and then use the supply curve to determine the price consistent with this quantity
   D. average total cost and then use the demand curve to determine the price consistent with this quantity

9. When you consume good Q, not only do you benefit form consuming the good but other people benefit from your consumption as well, if firms produce good Q where P = MC, firms will be producing ?

   A. less than the efficient level of output
   B. more than the efficient level of output
   C. so that consumer surplus is zero
   D. the efficient level of output

10. In monopolistic competition of firms are making abnormal profit other firms will enter and ?

    A. The marginal cost will shift outwards
    B. the demand curve will shift inwards
    C. The average cost will shift downwards
    D. The average variable cost will increase