Which of the following is most likely to be allowed under World Trade Organization (WTO) rules?
A. Japan bans the importation of American rice because it is thought that American rice may not be as nutritious as Japanese rice.
B. Great Britain outlaws non-British cars in an effort to reduce emissions in England, Scotland, and Wales.
C. The United States decides to ban the consumption and production of cheese made from unpasteurized milk to guarantee that the food people eat is safe.
D. The United States decides to ban the importation of foreign-made cigarettes, without putting any restriction on the sale of local cigarettes, to reduce lung cancer in the United States.
Answer: C
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It was more than a century ago that an engineer named Frederick Taylor walked into factories and starting timing workers with a stop watch. He dissected their movements, and organized them more efficiently
He turned factory production into a science. Suppose work was completed in the factory based on what the floor manager decided and workers were paid a base daily wage plus a bonus when they produced more than expected. How does this firm organize production? A) through the command system B) through the incentive system C) through the market system D) through a mixed command and incentive system
Refer to Table 13-3. What are the profit-maximizing/loss-minimizing output level and price?
A) Q = 0 (firm should not produce) B) Q = 3; P = $18 C) Q = 4; P = $17 D) Q = 5; P = $16
The Ramsey Rule implies that goods be __________ in consumption.
A. unrelated B. equal C. opposite D. moderate
Contractionary fiscal policy is designed to combat demand-pull inflation and consists of a decrease in government spending and/or an increase in taxes
a. True b. False Indicate whether the statement is true or false