Table 34-4 Table 34-4 Presents the Demand and Supply

question 68

Multiple Choice

Table 34-4 Table 34-4 presents the demand and supply schedules for television sets in Japan and the United States. If there is no trade between these countries, what are the equilibrium price and quantity in Japan?

• A) P = $100, Q = 100
• B) P = $200, Q = 85
• C) P = $300, Q = 70
• D) P = $400, Q = 60

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The process of resolving disputes or disagreements between parties through legal procedures or mutual agreements.

WTO

The World Trade Organization, an international body that deals with the rules of trade between nations to ensure that trade flows as smoothly, predictably, and freely as possible.

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The International Court of Justice, which is the principal judicial organ of the United Nations, tasked with settling legal disputes between states and giving advisory opinions on legal questions.