A case study of Japanese auto imports during the 1980s focuses on an agreement between Japan and the United States to undertake:
a. a coordinated effort to improve gas mileage.
b. a study of wage concessions by Japanese carmakers in the United States.
c. a review of unionization and employee benefits in both nations.
d. a voluntary export restraint.
Ans: d. a voluntary export restraint.
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Which of the following is not a common effect of imposing a rent control?
a. Discriminatory practices by landlords. b. More time on waiting lists and searching for housing. c. A "black market" for rentals. d. An excess supply of rentals at the controlled price.
Suppose two economists agree about who would be helped or hurt by certain legislation, but disagree about whether the legislation would be a good idea. These disagreements
a. are positive in nature b. are minor and rarely lead to different policies or conclusions c. are normative in nature d. occur as the result of a mistake made by an economist e. occur because economic models are more complex, and subject to error, than the real world