Many regional trade agreements include other provisions that are not part of the treaty, but they are add-ons that might be important to trade issues. These are called:
a. addenda.
b. side agreements.
c. environmental pacts.
d. worker rights documents.
Answer: b. side agreements.
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Limited liability can best be defined as the legal provision that
A) shields owners of a corporation from losing more than what they invested in a firm. B) protects bond holders from being sued by other creditors. C) gives holders of preferred stock priority over holders of common stock. D) reduces the exposure of sole proprietorships to law suits.
The Phillips Curve depicts that, in general:
A. high amounts of unemployment in an economy will coincide with low inflation. B. low amounts of unemployment in an economy will coincide with low inflation. C. high amounts of unemployment in an economy will coincide with high inflation. D. high amounts of output in an economy will coincide with low inflation.
The two "goods" used when economists analyze labor supply are
a. work and leisure. b. work and consumption. c. saving and consumption. d. leisure and consumption.
Exhibit 5-9 Supply and Demand Curves for Good X
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In Exhibit 5-9, assume the government places a $200 per unit sales tax on Good X. The percentage of the burden of taxation paid by consumers of Good X is:
A. zero. B. 25 percent. C. 50 percent. D. 100 percent.