The notion of reciprocity means that one nation will impose import restrictions on another in order to:
a. stimulate an increase in trade restrictions in the latter.
b. stimulate a decrease in trade restrictions in the latter.
c. eliminate trade restrictions immediately in both countries.
d. improve the government revenue collections through tariffs in both countries.
e. enforce standards of product quality in the latter.
b
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What will happen to the demand curve for workers in steel mills if some technology that increases their productivity is introduced assuming all else equal?
A) It will cause a downward movement along the demand curve of the workers. B) It will cause an upward movement along the demand curve of the workers. C) It will cause a leftward shift in the demand curve of the workers. D) It may cause a rightward shift in the demand curve of the workers.
What is an economic model?
A) It is a simplified version of some aspect of economic life used to analyze an economic issue. B) It is a description of an economic issue that includes all possible related information. C) It is a detailed version of some aspect of economic life used to analyze an economic issue. D) It is a description of an economic issue based on official government information.