Which of the Following Statements About Brazil's International Economic Ties

question 26

Multiple Choice

Which of the following statements about Brazil's international economic ties is NOT true?

• A) Brazil's tariff rates are among the highest in the developing world.
• B) Less than 20% of the country's GDP is represented by exports.
• C) Brazil does not make much use of the World Trade Organization's dispute resolution apparatus, preferring instead to work out compromises with individual trade partners.
• D) China is the country's largest trade partner.
• E) Brazil's trade with its MERCOSUL partners has declined in the last decade as the country has shifted its attention away from the hemisphere.

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Definitions:

Diminishing Returns

A principle stating that as more of a variable input is added to fixed inputs, the additional output gained from each new unit of input eventually decreases.

Marginal Product

The additional output that can be produced by adding one more unit of a specific input, ceteris paribus.

Production Technique

The method or process used to convert inputs into outputs in manufacturing or service delivery.

Price of Labor

The wages or salary paid to workers for their labor, typically determined by the supply and demand for labor in the market.