The successor to GATT created in the Uruguay Round is the:
A. North American Free Trade Agreement
B. World Trade Organization
C. European Union
D. Common Market
B. World Trade Organization
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If MSC = 20 + 0.75A, where MSC is in millions of dollars, and A is the percentage of mercury emissions abatement, then
a. marginal social cost is $7.5 million when 10 percent of mercury emissions are abated b. the MSC function graphs with a horizontal intercept of 20 c. MSC equals $35 million if 20 percent of mercury is abated d. TSC must be declining with higher abatement levels
Who are the price takers in a perfectly competitive market?
A. both the buyers and the sellers B. the buyers C. neither the buyers nor the sellers D. the sellers
An industry has 1000 competitive firms, each producing 50 tons of output. At the current market price of $10, half of the firms have a short-run supply curve with a slope of 1; the other half each have a short-run supply curve with slope 2
The short-run elasticity of market supply is A) 1/50 B) 3/10 C) 1/5 D) 2/5 E) none of the above
Consider the production possibilities frontier displayed in the figure shown. The opportunity cost of one watermelon is:
A. 10 bushels of apples.
B. 20 bushels of apples.
C. 30 bushels of apples.
D. 40 bushels of apples.