Which principle of the GATT/WTO do regional trade agreements violate?
a. the principle of first mover
b. the targeting principle
c. the most favored nation principle
d. the principle of comparative advantage
Ans: c. the most favored nation principle
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A country reports that its inflation rate and unemployment rate have both increased. These changes could be the result of
A) a movement downward along the short-run Phillips curve. B) a movement upward along the short-run Phillips curve. C) a downward shift of the short-run Phillips curve. D) an upward shift of the short-run Phillips curve. E) a leftward shift of the long-run Phillips curve.
To identify the product market, antitrust agencies use
A) qualitative, but not quantitative tools. B) both qualitative and quantitative tools. C) quantitative, but not qualitative tools. D) territorial restrictions
If the price elasticity of demand for Harley-Davidson motorcycles is -1.2 and quantity demanded increases by 24%, price must have
A. decreased by 0.05%. B. decreased by 28.8%. C. decreased by 20%. D. increased by 20%.
Economic efficiency is achieved at a particular output level if:
A. average fixed cost is as low as possible. B. average total cost is as low as possible. C. average variable cost is as low as possible. D. marginal cost is as low as possible.