A principal objective of the World Trade Organization is to
A. Assist in retraining workers displaced by imports.
B. Equalize income tax structures in various countries.
C. Reduce barriers to trade.
D. Protect import-competing producers.
Answer: C
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The following table shows values of annual real GDP per capita over time. Use it to answer the next question.1810$1,5001860$2,1001910$3,9001960$18,0002010$43,600Between which years was the rate of growth in real GDP per capita the lowest?
A. 1860 to 1910 B. 1910 to 1960 C. 1810 to 1860 D. 1960 to 2010
Marginal cost is the
a. change in total cost resulting from producing one more unit of output. b. change in total fixed cost resulting from producing one more unit of output. c. total cost when one more unit of output is produced. d. total fixed cost when one more unit of output is produced.
How would you characterize the foreign exchange market?
a. Extremely competitive. b. Somewhat competitive. c. Monopolistic. d. Driven by demand by tourists and individuals. e. Involving usually physical exchange one currency for another.
Many people donate to charity and leave tips to servers in restaurants even when they will never visit the restaurant again. Economists consider this type of behavior to be
a. irrational because these actions make people worse off financially. b. rational because it shows that people value fairness even when this behavior makes people worse off financially. c. rational only if other people observe this behavior. d. All of the above are consistent with the general view of fairness