The purpose of the World Trade Organization (WTO) is to
A. Ensure that there are no losers as a result of free trade.
B. Protect workers from foreign competition.
C. Protect producers from foreign competition.
D. Enforce the rules of free trade.
Answer: D
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Refer to the graphs shown, which show indifference curve analysis with the associated demand curves.
If a consumer is able to move from point B to point C, she is also able to move from point:
A. H to point I. B. E to point G. C. D to point F. D. H to point J.
Suppose the domestic supply (QS) and demand (QD) for skateboards in the United States is represented by the following set of equations:QS = -60 + 3PQD = 390 - 2PIf the United States can import skateboards from the rest of the world at a per unit price of $75, how many skateboards will be produced in the United States?
A. 285 B. 240 C. 165 D. 215
Figure 9.5Figure 9.5 shows the short-run and long-run effects of an increase in demand of an industry. The industry is:
A. a constant-cost industry. B. an increasing-cost industry. C. a decreasing-cost industry. D. There isn't sufficient information.
The government should increase the minimum age for collecting Social Security benefits. This statement is best described as
A. a positive statement. B. an example of the fallacy of logic. C. an example of marginalism. D. a normative statement.