How is the Agreement on Textiles and Clothing impacting trade today?
What will be an ideal response?
It phased out quotas as of 2005, but allows for temporary restrictions which the U.S. and EU have used regarding Chinese clothing exports.
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In 2004, China had a substantial trade surplus with
A. Japan. B. Russia. C. the United States. D. Brazil.
Suppose a firm uses workers and office space to produce output. The firm is locked into a year-long lease on its office space, but it can easily vary the number of employee-hours it uses each day. The table below describes the relationship between the number of employee-hours the firm uses each day and the firm's daily output. Each unit of output sells for $2, the hourly wage rate is $14, and the rent on the office space is $50 per day.Employee-HoursPer DayOutputPer Day0014048091201516023200When the firm uses 9 employee-hours, its total cost each day is:
A. $126 B. $56 C. $176 D. $64