The opec nations during the 1970s manifested their

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8. The OPEC nations during the 1970s manifested their market power by utilizing: a. Export tariffs levied for revenue purposes b. Export tariffs levied for protective purposes c. Import tariffs levied for protective purposes d. Import tariffs levied for revenue purposes 9. One factor that has prevented the formation of cartels for producers of commodities is that: 10. Which device has been used by the International Wheat Agreement to stipulate the minimum prices at which importers will buy stipulated quantities from producers and the maximum prices at which producers will sell stipulated quantities to importers? 11. If the bauxite exporting countries form a cartel to boost the price of bauxite so as to increase sales revenue, they believe that the demand for bauxite: 12. If the supply schedule for tin is relatively inelastic to price changes, a decrease in the demand schedule for tin will cause a (an): a. Decrease in price and an increase in sales revenue b. Decrease in price and a decrease in sales revenue c. Increase in price and an increase in sales revenue d. Increase in price and a decrease in sales revenue 2
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