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Free Trade and Price Determination Flashcards | StudBud

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Free Trade and Price Determination

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Questions 10

Answers

1
The price basis is the relationship between the cash price and what?
Futures price
Transfer price
Carrying price
Forward price
2
If demand for a product decreases, what will happen to its price?
Price decreases then increases
Price increases
Price decreases
Prices stays the same
3
Why should trade barriers be removed gradually?
Could result in sudden job losses in competing sectors
Long-term costs will increase for producers and consumers
To ensure there are no economic losses
To ensure all losses are distributed equally
4
If a product is price-inelastic, what happens with a small change in demand?
Big change in price
No change in price
The price can't spring back to where it started
Small change in price
5
Which of these is not a criticism of free trade?
Poor working conditions
Democracy manifest
Poverty reduction
Job outsourcing
6
Where were the 1999 WTO protests?
Seattle
Tokyo
London
Boston
7
Commodities futures markets report which of these on a daily basis?
Volume of trading
When deliveries are to be made
Standard deviation of prices
Median price
8
What percent of Australia's agricultural exports go to countries with no trade agreement?
50% to 75%
Between 25% and 50%
More than 75%
Less than 25%
9
What does it mean that agricultural product prices are "derived"?
They are found using calculus
They come from financial derivatives
They are based on the intrinsic value of the product
They are based on the price of an end product
10
Which of these was a GATT trade round?
Kennedy
Sydney
Paraguay
Beijing