The most likely motivation for establishing a trading bloc is to:
A. Increase economic welfare in the member countries.
B. Increase tariff revenue for the member governments.
C. Protect domestic industries in the member economies.
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Depreciation of a countrys currency is most likely to narrow its trade deficit when:
A. Its imports are greater in value than its exports.
B. Price elasticity of import demand is greater than one.
C. Investment increases relative to private and government savings.
Which of the following groups would be most likely to suffer losses from the imposition of a tariff on steel imports？
A. Domestic steel producers.
B. Workers in the domestic auto industry.
C. Workers in the domestic steel industry.
In which of the following inflation scenarios does short-run aggregate supply decrease due to increasing wage demands？
A. Cost-push inflation.
B. Demand-pull inflation.
C. Both cost-push and demand-pull inflation.
The least likely result of import quotas and voluntary export restraints is:
A. Increased revenue for the government.
B. A decrease in the quantity of imports of the product.
C. A shift in production toward higher-cost suppliers.
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