A Change in All of the Following Variables Will Change

question 21

Multiple Choice

A change in all of the following variables will change the market demand for a product except

• A)the price of the product.
• B)population and demographics.
• C)income.
• D)tastes.

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Definitions:

World Trade Organization

An international organization that regulates international trade between nations.

Trade Agreements

Formal accords between countries or regions to reduce barriers to trade, such as tariffs and import quotas, and encourage economic cooperation.

United Nations

An international organization founded in 1945 aimed at promoting peace, security, and cooperation among countries.

Import Tariff

A tax imposed by a government on goods and services imported from other countries, used to control trade.