Assume That the firms operate as purely competitive sellers (a purely competitive industry) In the long run, equilibrium price equals _________ quantity equals _________ and profits total _________?

A. $100, 2 million barrels per day $60 million
B. $80, 4 million barrels per day $70 million
C. $60, 6 million barrels per day, $20 million
D. $40, 8 million barrels per day, $0 million

Assume that global recession causes the quantity of tin demanded to decrease by 4 million pounds at each price To maintain the price of tin at the target price you would ?

A. Sell 4 million pounds of tin
B. Sell 8 million pounds of tin
C. Buy 4 million pounds of tin
D. Buy 8 million pounds of tin

Instead, assume that global economic expansion causes the quantity of tin demanded to increase by 4 million pounds at each price To maintain price of tin at the target price you would ?

A. Sell 4 million pounds of tin
B. Sell 8 million pounds of tin
C. Buy 4 million pounds of tin
D. Buy 8 million pounds of tin

A widely used indicator to differentiate developed countries from developing countries is ?

A. International trade per capita
B. Real income per capital
C. Unemployment per capita
D. Calories per capita

For the oil-importing countries, the increase in oil prices in 1970s and early 2000s contributed to all of the following except ?

A. Balance of trade deficits
B. Price inflation
C. Constrained economic growth
D. Improving terms of trade

Hong Kong and South Korea are examples of developing nations that have recently pursued ________ industrialization policies?

A. Import substitution
B. Export promotion
C. Commercial dumping
D. Multilateral contract

Suppose that the supply curve of tin is highly inelastic. If the demand curve of tin decrease and increase cyclically along the supply curve of tin, then in this market the size of the quantity fluctuation will bathe size of the price fluctuations ?

A. Relatively greater than
B. Relatively less than
C. The same as
D. Any of the above

Economic growth occurs because ?

A. Labor forces increase
B. Capital stocks increase
C. New inventions increase productivity
D. All of the above

The OPEC oil cartel ?

A. Has shown that is easy to achieve cooperation among cartel members
B. Was successful in raising oil prices in the 1970s but was disbanded in the 1980s
C. Has shown greater success in realizing profits during periods of global recession
D. Has had a level of success in raising oil prices that other developing countries are unlikely to achieve with other primary commodities

The People’s Republic of China ?

A. Is the first of the east asian countries to be recognized for a successful outward-oriented development strategy
B. Has retained to the present time its strategy of import substitution as a source of economic growth
C. Has always accounted for a significant share of international trade, given its very large population
D. Has significantly increased its openness to international trade and foreign investment in recent decades