The abbreviation GATT stands for:
a. General Analysis of Taxes and Transfers.
b. General Agreement on Tariffs and Trade.
c. Government Agency for Trade and Transportation.
d. Government Agency for Treaties and Taxes.
e. General Agreement on Terms of Trade.
b
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A Prisoners Dilemma illustrates the fact that
a. Rational choices can lead to inefficient outcomes b. Rational choices always leads to good outcomes c. Rational choices always lead to inefficient outcomes d. None of the above
If the price is reduced from $100 to $80 in Figure 20.1, ceteris paribus,
A. Total revenue will decrease. B. Total revenue will increase. C. Quantity demanded will decrease. D. Demand will increase.
When price = ATC = MC = MR,
A. economic profits are positive. B. economic profits are zero. C. economic profits are negative. D. opportunity costs are zero.
According to the simple Keynesian model, when planned expenditure exceeds income
a. prices rise. b. unplanned inventory investment is negative. c. income falls. d. planned expenditure falls. e. both b and d.