The international organization that serves as a forum for trade discussions and the development of trade rules is called
A) the WTO.
B) the World Bank.
C) the IMF.
D) Bretton Woods.
E) the United Nations.
A
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Jay owns a classic car he purchased for $50,000. At a car rally a knowledgeable classic car enthusiast offers him $75,000 for the car. Based on this information:
A. Jay's wealth is unchanged. B. Jay's saving this year has increased by $25,000. C. Jay has experienced a $25,000 capital gain. D. Jay's saving this year has decreased by $25,000.
Economists argue that the level of pollution should be
A) reduced completely to zero because by definition, it has a negative external effect. B) ignored because it has always been present since the beginning of history. C) best determined by elected officials who can speak on behalf of the public. D) reduced to the point where the marginal benefit of pollution reduction is equal to the marginal cost of pollution reduction to society.
Profit-maximizing firms enter a competitive market when, for existing firms in that market,
a. total revenue exceeds fixed costs. b. total revenue exceeds total variable costs. c. average total cost exceeds average revenue. d. price exceeds average total cost.
According to Keynes, at equilibrium, aggregate demand will always equal which of the following?
A. Aggregate supply B. C + S C. C + I D. All of the choices are correct.