Which of the following represents an example of a major cartel in global markets?
a. The Organization of Wheat and Corn Exporting Countries (OWCEC)
b. The Organization of Petroleum Exporting Countries (OPEC)
c. The Brotherhood of Scrap Iron Exporting Countries (BSIEC)
d. The Amalgamated Association of Alfalfa Producing Countries (AAAPC)
b
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Which of the following statements is likely to be true according to Okun's Law?
A) The unemployment rate remains constant when the growth rate of real GDP is 0%. B) The unemployment rate remains constant when the growth rate of real GDP is 3%. C) The unemployment rate increases when the growth rate of real GDP is above 3%. D) The unemployment rate declines when the growth rate of real GDP is below 3%.
The easiest economic sector to be ‘globalized' is
a. merchandise trade b. capital flows c. migration of labor d. technology transfer e. none of the above