The objective of the Doha (Qatar) Round of trade negotiations was to
a. increase tariffs on oil products.
b. place quotas on agricultural imports to the Middle East.
c. lower trade barriers between countries of varying prosperity.
d. put technical barriers on intellectual property.
c. lower trade barriers between countries of varying prosperity.
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Once the demand curve for a product or service is drawn, it
a. remains stable over time. b. can shift either rightward or leftward. c. is possible to move along the curve, but the curve will not shift. d. tends to become steeper over time.
It is possible to charge a price for a pure public good.
Answer the following statement true (T) or false (F)
If aggregate demand increases in the intermediate range of the aggregate supply curve then the:
A. price level rises and real GDP falls. B. price level rises and real GDP rises. C. price level falls and real GDP falls. D. price level falls and real GDP rises.
Division of labor means that
A. the production process is divided into smaller tasks. B. some employees join labor unions and others do not. C. management and labor are always in conflict. D. the labor market in the United States is geographically segmented.