The Table Given Below Shows the Export and Import Values

question 24

Multiple Choice

The table given below shows the export and import values of automobiles, pharmaceuticals, and clothing in country A and country B. $$\begin{array} { | c | c | c | } \hline \text { Country A } & \text { Exports (\$billions) } & \text { Imports (\$billions) } \\\hline \text { Automobiles } & 20 & 40 \\\hline \text { Pharmaceuticals } & 30 & 30 \\\hline \text { Clothing } & 40 & 0 \\\hline\end{array}$$ $$\begin{array} { | c | c | c | } \hline \text { Country B } & \text { Exports (\$billions) } & \text { Irmports (\$billions) } \\\hline \text { Autornobiles } & 0 & 20 \\\hline \text { Pharmacenticals } & 40 & 40 \\\hline \text { Clothing } & 45 & 35 \\\hline\end{array}$$ The IIT share is zero for _____ in country A and for _____ in country B.

• A)pharmaceuticals; pharmaceuticals
• B)clothing; pharmaceuticals
• C)automobiles; pharmaceuticals
• D)clothing; automobiles

Calculate and interpret the price elasticity of demand using given data.

Analyze the effects of taxes on market outcomes, including the impact on prices and quantities in supply and demand curves.

Identify the characteristics of different goods (normal, inferior, substitutes, and complements) based on their income and cross-price elasticities.

Examine the impact of elasticity on labor supply and demand, including the effects of wage changes.

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Definitions:

Multinational Corporations

Multinational corporations are large companies that produce and sell goods or services in multiple countries, operating across national borders.

Formal Hearing

A formal proceeding where evidence and arguments are presented, typically in a lawsuit or administrative process.

Alternative Dispute Resolution

A collection of processes such as mediation and arbitration used to resolve conflicts outside of traditional court litigation.

Negotiation

In regard to dispute settlement, a process in which parties attempt to settle their dispute without going to court, with or without attorneys to represent them. In regard to negotiable instruments, the transfer of an instrument in such a way that the transferee (the person to whom the instrument is transferred) becomes a holder.