Prior to the Uruguay Round agreement, the GATT was criticized because
A) it had no mechanism for enforcing its rules.
B) prominent segments of world trade, including trade in agriculture and services, were not covered by GATT rules.
C) member countries could veto GATT rulings not in their interests.
D) All of the above.
D
You might also like to view...
The cultural hypothesis of economic growth claims that:
A) most of the ancient cultures of the world have almost been forgotten post-globalization. B) different values and cultural beliefs cause differences in prosperity around the world. C) a common global culture is automatically created through liberal trade practices. D) values and cultural beliefs are proximate causes for differences in prosperity around the world.
A deadweight loss occurs in a
A) monopoly. B) perfectly competitive market. C) market in which the market clearing price of a good equals the marginal cost of producing it. D) market in which the market clearing price of a good is below the marginal cost of producing it.
Other things equal, if the price of a key resource used to produce product X falls, the:
A. product supply curve of X will shift to the left. B. product demand curve of X will shift to the left. C. product demand curve of X will shift to the right. D. product supply curve of X will shift to the right.
Figure 8.8 shows demand, marginal revenue, and costs of a duopolist. Suppose that the two duopolists have the same costs. If the two firms form a cartel and charge the profit-maximizing monopoly price, compared to perfect competition, the market price will be ________ and the total output level will be ________.
A. higher; greater B. higher; smaller C. lower; greater D. lower; smaller