The spectacular growth in international banking can be explained by
A) the rapid growth in international trade.
B) the 1988 Basel Agreement.
C) the collapse of the Bretton Woods system.
D) the creation of the World Trade Organization.
A
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Rents represent earnings that
a. exceed marginal cost b. are less than marginal revenue product c. are less than what producers would require to supply products d. exceed opportunity revenue e. exceed opportunity cost
An individual who drives a car without a muffler in an attempt to increase fuel economy is creating
a. a positive externality b. a public good c. a negative externality d. a winner's curse e. vertical inequity
Which of the following is a tool of commercial policy?
a. Corporate income tax b. Payroll tax c. Excise duty d. Tariff e. Octroi duty
The vertical distance between a firm's average total cost curve and its average variable cost curve is its
a. marginal cost b. sunk cost c. total variable cost d. total fixed cost e. average fixed cost