What is a voluntary export restraint (VER)?
What will be an ideal response?
A voluntary export restraint (VER) is a scheme under which an exporting country voluntarily limits its exports.
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Max has allocated $100 toward meats for his barbecue. His budget line and an indifference map are shown in the above figure. If the price of burger increases,
A) Max will buy less burger and more chicken. B) Max will buy less burger and the same quantity of chicken. C) Max will buy less of both meats. D) More information is needed to answer the question.
The unilateral transfers category in the current account refers to
a. money sent from one country to another without anything being exchanged in return b. money sent from one country to another with goods being exchanged in return c. goods sent from one country to another without anything being exchanged in return d. goods sent from one country to another with money being exchanged in return e. services sent from one country to another without anything being exchanged in return