In 1989 the United States passed a law against catching shrimp with nets that do not have turtle excluder devices. Four Asian countries filed a complaint with the Word Trade Organization (WTO), and it ruled that the U.S. policy violated WTO rules because
A. one nation could not impose moral values on other nations as per WTO rules.
B. the policy did not apply equally to all exporting nations and did not recognize alternative ways to protect sea turtles.
C. protection of sea turtles was not a legitimate environmental purpose.
D. sea turtles were not on the endangered species list.
Answer: B
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Any capital resource that lacks clear title ownership is
A) the result of foreign direct investment. B) free capital. C) dead capital. D) capital destruction.
A cellphone maker sells 6,000 units per month at $600 each. The firm is investigating whether a price cut to $500 is warranted. The firm’s marginal cost of production of each phone is a constant $400 per unit. To maintain profits at their current level, quantity sold must increase to at least
A. 8,000 B. 10,000 C. 12,000 D. 15,000
Which of the following was not a solution to the Great Depression favored by Classical economists?
A. Hire unemployed workers for public works programs B. Let market forces operate C. Stop government measures that held up wages and prices D. Break up labor unions
Refer to the graphs and information below. The assumption made about the domestic production opportunity costs in both countries is that they are:
Suppose the world economy is composed of just two countries: Italy and Greece. Each can produce steel or chemicals, but at different levels of economic efficiency. The production possibilities curves for the two countries are shown in the graphs below.
A. Constant
B. Variable
C. Increasing
D. Decreasing