What group is committed to lowering trade barriers between nations?
a. United Nations
b. European Union
c. World Trade Organization
d. OPEC
d. OPEC
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Refer to the above figure. The top two arrows of the figure refer to the product markets. The bottom arrows refer to the factor markets. Which arrow represents factor services?
A) Arrow A B) Arrow B C) Arrow C D) Arrow D
U.S. banks have most of their branches in
A) Latin America, the Far East, the Caribbean, and London. B) Latin America, the Middle East, the Caribbean, and London. C) Mexico, the Middle East, the Caribbean, and London. D) South America, the Middle East, the Caribbean, and Canada.
Which of the following statements best expresses a firm's profit-maximizing decision rule?
a. If marginal revenue is greater than marginal cost, the firm should increase its output. b. If marginal revenue is less than marginal cost, the firm should shut down in the short run. c. If marginal revenue equals marginal cost, the firm should produce exactly one more unit of output. d. All of the above are correct.
The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A