In the Following Figure, the First Panel Shows a Market

question 21

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
-Delegates from different countries of the world met at Geneva in April 1947 which resulted in the formation of the first global trade agreement. Its main objective was:

• A)to create multiple trade barriers in the member countries.
• B)to enable the member countries to maintain their autarkic conditions.
• C)to provide security to the domestic producers of the member countries by prohibiting international trade.
• D)to create an atmosphere of economic rivalry in the international sphere.
• E)to liberalize trade for mutual prosperity of the members.

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