The World Trade Organization is a successor organization to the
A. International Court of Justice.
B. GATT.
C. World Bank.
D. United Nations.
Answer: B. GATT.
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Which of the following would cause a fall in the price of video tape rentals?
a. A new nationwide video rental chain opens. b. Movie theaters raise their prices. c. The royalties paid to movie actors increase. d. The price of video cassette recorders (VCRs) falls.
Because Don has health insurance, he is more likely to see the doctor when he has a cold. This is an example of
A) adverse selection. B) moral hazard. C) both moral hazard and adverse selection. D) private information.
Of the following high-income countries, which has the highest female life expectancy at age 65?
A) Canada B) Japan C) the United Kingdom D) the United States
If the price of Pepsi-Cola increases from 40 cents to 50 cents per bottle and the quantity demanded decreases from 100 bottles to 50 bottles, then according to the averaging equation, the value of price elasticity of demand for Pepsi-Cola is:
a. 0.5. b. 0.25. c. 1. d. 3. e. 2.