6.Which method havegenerally been used by the international commodity agreements to stabilize commodity prices?

a.Production controls applied to the level of commodity output

b.Treaty arrangements among producing nations

e.Multi-lateral contracts among producing & consuming nations

d. All of the above

eNone of the above

7.Which of the following are necessary to form a cartel:

a.There must be relatively few sellers

b.The entry of new competitors must be easy

d.Members must have similar costs and product demand

d.Answers a and c

e.Answers a, b and c

8Which of the following represents economic integration most complete?

a.Free trade area

b.Political union

c.Common market

d.Any of the above

e.None of the above

9.Which of the following countries are considered developed nations

a.Australia

b.Brazil

c.France

d.Answers a and c

e.Answers b and c

10.Which of the following explains the history of tariffs in the United States?

a.Tariffs were originally intended to replace an income tax

b.Tariffs were originally intended to help pay for the Revolutionary War

c.Tariffs originally made up more only 10% of U.S. revenue

d.Answers a and c

e.Answers b and c