Approximately how long would it take for real GDP to double if it grew at a constant annual rate of 2 percent?
A. Approximately 2 years.
B. Approximately 36 years.
C. Approximately 72 years.
D. Approximately 20 years.
Answer: B
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In 1995, the General Agreement on Tariffs and Trade (GATT), which was established in 1948, was replaced by the World Trade Organization (WTO). Why did members of the GATT push for the establishment of the WTO?
A) The GATT agreement only covered trade in goods. The WTO was created to cover trade in goods, services, and intellectual property. B) By 1995 tariffs had been eliminated. The WTO was created to reduce non-tariff trade barriers. C) The charter of the GATT had run out and a new organization was needed to promote international trade. D) The creation of the European Union (EU) made the GATT obsolete. The WTO was formed to regulate trade between the EU and other nations.
If the shut down rule, p < AVC, is the same in the short run and the long run, explain why the shutdown prices may be different
What will be an ideal response?
Betty's Bagels makes and sells bagels from their local bakery. If Betty's Bagels become more popular with local residents and the probability of selling additional bagels increases, Betty's expected marginal benefit curve from holding additional bagels in inventory will shift to the ________ and the profit-maximizing number of bagels to hold in inventory will ________.
A) right; decrease B) left; increase C) left; decrease D) right; increase
Game theory is not useful for analyzing perfectly competitive markets.
Answer the following statement true (T) or false (F)