The General Agreement on Tariffs and Trade and the World Trade Organization have resulted in
A) termination of export subsidies applied to manufactured goods.
B) termination of import tariffs applied to manufactures.
C) termination of import tariffs applied to agricultural commodities.
D) termination of international theft of copyrights.
E) a number of rounds of multilateral trade agreements.
E
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Quantity demanded is affected not just by price but by other variables, such as income and the prices of other goods.
Answer the following statement true (T) or false (F)
When an average total cost pricing rule is enforced, average total cost equals ________
A) marginal revenue B) total revenue C) price D) average total cost
In the monetarist view, a bond-financed increase in government spending would have a strong effect on real output in
a. both the short run and the long run. b. the short run but not the long run. c. the long run but not the short run. d. neither the short run nor the long run.
What would be the opportunity cost of a child using a coupon for a free ice cream cone?
a. the dollar cost of the cone she selected b. the other types of ice cream she could have selected c. zero - because the good was not a durable good d. zero - because the good was free