The Uruguay Round Provides for Tougher and Quicker Action to Resolve

question 14

Multiple Choice

The Uruguay Round provides for tougher and quicker action to resolve disputes resulting from the use of __________,but does not ban their use.

• A)Tariffs
• B)Anti-dumping laws
• C)Quotas
• D)Subsidies

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Definitions:

Quantity Effect

The change in total revenue resulting from a change in the quantity of a product sold, holding price constant.

Price Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, quantitatively defined as the percentage change in quantity demanded divided by the percentage change in price.

Expenditures on Milk

The total amount of money spent by individuals or entities on purchasing milk within a given period.

Perfectly Inelastic

A situation in which the demand for a good or service does not change regardless of a change in price.