World trade and tariffs have been regulated by the International Trade Organization (ITO), General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO)
Today, only the ITO still exists to address international trade issues and monitor the implementation of any trade agreements negotiated in the Uruguay Round of world trade talks. Indicate whether the statement is true or false
False (Only the WTO still exists.)
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In the Keynesian model, liquidity preference refers to the
A) demand for capital. B) demand for consumer goods. C) demand for money. D) money supply.
Some companies merge in order to lower costs through efficient joint production
a. True b. False Indicate whether the statement is true or false
Compensation of employees is the largest component of national income
Indicate whether the statement is true or false
Suppose early Friday morning the economics club buys 200 donuts at 25 cents each, and plans to sell all of them later in the day on campus for 50 cents each
Only 60 donuts are sold at 50 cents, however, and by early afternoon the club is seen trying to unload the remaining donuts for 10 cents each. What can we conclude? A) The club was clearly engaging in predatory pricing of donuts. B) The club was clearly selling below cost. C) The club clearly misjudged the demand for donuts. D) All of the above are true.