The WTO functions as:
A. The enforcer of trade rules for the world.
B. An international informant on terrorism.
C. An international weapons inspector.
D. The international authority on currency exchange.
A. The enforcer of trade rules for the world.
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According to the market clearing model, a one unit permanent increase in government purchases causes:
a. GDP to rise about one unit. b. gross investment to fall about one unit. c. consumption to fall about one unit. d. all of the above.
Oligopolistic firms engage in collusion to:
A. minimize unit costs of production. B. realize allocative efficiency, that is, the P = MC level of output. C. earn greater profits. D. increase production.
Opportunity cost
A. does not exist since there are no receipts. B. is always the value of the next best forgone opportunity. C. can only be measured as a paid cost. D. is always the lowest valued alternative.
For decision-making purposes, fixed costs incurred by a firm with market power are
A. not taken into consideration. B. the same as opportunity costs of production. C. the same as variable costs. D. the same as marginal costs.