In the Following Figure, the First Panel Shows a Market

question 31

Multiple Choice

In the following figure, the first panel shows a market situation prior to regulation and the second panel shows the effects of regulation.Figure 14.2
In the figure,
D: Demand curve for automobiles
S₁: Supply curve of automobiles prior to regulation
S₂: Supply curve of automobiles after regulation
FG: Clean up cost per unit
-Although the GATT was supported by most of the countries of the world, yet global trade shrank during the close of the last decade. This was due to:

• A)growing suspicion among the nations of the world.
• B)hyperinflation in the major economies of the world.
• C)the recession which began in 2007.
• D)political turmoil in the Asian countries.
• E)the desire among the major players to dominate the international market.

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Definitions:

Preconventional

A stage of moral development where individuals' ethical principles are guided by the consequences of actions and external rewards or punishments.

Cheat

Engaging in dishonest or deceitful behavior to gain an unfair advantage in a competitive situation or to bypass established rules.

Ethical Development

The process of establishing and applying moral standards and principles within individuals, organizations, or societies.

Preconventional

A stage in Kohlberg's theory of moral development where an individual's moral reasoning is based primarily on consequences of actions and external rewards or punishments.