The successor to GATT in 1995 is
A) the World Agreement on Tariff and Trade.
B) the World Trade Organization.
C) the World Trade Agreement.
D) the World Trade and Tariff Organization.
Answer: B
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The above figure shows the demand curve for crude oil. If the market price is $10 a barrel, what is the price elasticity of demand?
A) -.02 B) -1 C) -10 D) -500
In the long run, firms in a perfectly competitive market choose to produce a quantity:
A. that does not cover minimum average variable costs. B. where marginal costs are less than average variable costs. C. that earns zero economic profits. D. where ATC and AVC are at their minimum values.
Most economists believe that the theory of rational expectations is
A. more correct in the long run than the short run. B. more correct in the short run than the long run. C. correct in both the long run and short run. D. incorrect because it is based on false logic.
Using trade barriers to address labor standards does all of the following EXCEPT it
A) leads to deadweight losses. B) redistributes income. C) works more effectively for countries that are small relative to the total market. D) potentially makes conditions worse as production moves to the informal sector.