Today the primary organization that countries use to negotiate trade issues is
a. the World Trade Organization.
b. the General Agreement on Tariffs and Trade.
c. the United Nations.
d. the European Union.
a. the World Trade Organization.
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Production possibilities frontiers usually curve out and away from the origin. The implication is
A) that as resources are used to produce one good, fewer resources are available to produce another good. B) that the opportunity cost of producing a good goes down as more of that good is produced. C) technological change is present. D) that the opportunity cost of producing a good stays the same regardless of how much of that good is produced. E) some resources are better at producing one good while other resources are better at producing alternative goods.
If the current quantity demanded of John Deere tractors is 50,000 tractors, and the quantity supplied is 75,000 tractors, then
A) there is a shortage of 25,000 tractors. B) there is a surplus of 25,000 tractors. C) there is a shortage of 125,000 tractors. D) there is a surplus of 125,00 tractors.
If your wage increases from $10 per hour to $15 per hour, then your
a. opportunity cost of an hour of leisure decreases by $5 per hour. b. opportunity cost of an hour of leisure increases by $5 per hour. c. out-of-pocket cost of an hour of leisure decreases by $5 per hour. d. out-of-pocket cost of an hour of leisure increases by $5 per hour.
When we derive the demand curve for a good, we should remember that the
a. income effect must be greater than the substitution effect. b. substitution effect must be greater than the income effect. c. substitution effect must be in the same direction as the income effect. d. income effect and the substitution effect may work in the same or in opposite directions.