Eco 305 Wk 5 Quiz 4 - Chapter 7 - All Possible Question

ECO 305 WK 5 Quiz 4 - Chapter 7 - All Possible Questions

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MULTIPLE CHOICE

1. Which of the following is not a major factor that encourages developing nations to form international commodity agreements?

a. Inelastic commodity supply schedules

b. Inelastic commodity demand schedules

c. Export markets that tend to be unstable

d. Secular increases in their terms of trade

2. International commodity agreements do not:

a. Consist of consuming and producing nations who desire market stability

b. Levy export cutbacks so as to offset rising commodity prices

c. Utilize buffer stocks to generate commodity price stability

d. Increase the supply of commodities to prevent rising prices

3. Concerning the price elasticities of supply and demand for commodities, empirical estimates suggest that most commodities have:

a. Inelastic supply schedules and inelastic demand schedules

b. Inelastic supply schedules and elastic demand schedules

c. Elastic supply schedules and inelastic demand schedules

d. Elastic supply schedules and elastic demand schedules

4. If the demand schedule for bauxite is relatively inelastic to price changes, an increase in the supply schedule of bauxite will cause a:

a. Decrease in price and a decrease in sales revenue

b. Decrease in price and an increase in sales revenue

c. Increase in price and a decrease in sales revenue

d. Increase in price and an increase in sales revenue

5. A primary goal of international commodity agreements has been the:

a. Maximization of members' revenues via export taxes

b. Nationalization of corporations operating in member nations

c. Adoption of tariff protection against industrialized nation sellers

d. Moderation of commodity price fluctuations when markets are unstable

6. Which device has the International Tin Agreement utilized as a way of stabilizing tin prices?

a....