Which of the following is an example of an institution whose primary concern is global stability?
A) NAFTA (North American Free Trade Agreement)
B) OPEC (Oil Producing and Exporting Countries)
C) IMF (International Monetary Fund)
D) Mekong River Commission
E) Asian Development Bank
C
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The larger the marginal rate of substitution, the larger is the amount of one good that the consumer is willing to give up in exchange for another good and still remain at the same level of satisfaction
Indicate whether the statement is true or false
Using graphs to illustrate the concepts, absolute advantage
A. is shown with differences in slope of a production possibilities curve; comparative advantage is shown with a lower curve. B. requires a very steep curve; comparative advantage requires a curve with a shallow slope. C. on one good requires that the slope of the production possibilities curve be steeper for that good. D. is shown with a higher production possibilities curve; comparative advantage is shown with differences in slope of the curves.
Which statement is true?
A. The largest merger in history involved Chase Manhattan Bank. B. There have been only two mergers in our entire history valued at over $15 billion. C. It is illegal under our antitrust laws for two firms in the same industry to merge. D. None of these statements are true.
Given the aggregate demand curve, an increase in the supply of a productive resource will _____
Fill in the blank(s) with the appropriate word(s).