The World Trade Organization (WTO)
a. members are required to eliminate tariffs and customs duties
b. supervises trade in merchandise and in services
c. supervises merchandise trade only
d. members are required to eliminate ad valorem tariffs but not specific tariffs
e. includes all nations with populations greater than 10 million, with the exception of North Korea and Cuba
B
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According to Keynes, once a system attains an economy-wide equilibrium
A) planned investment will be zero. B) there may or may not be excess productive capacity. C) the economy will be at full productive capacity. D) planned consumption will be zero.
Many gift shops along the ocean shut down during the winter because
a. revenues cannot cover fixed costs b. marginal revenue does not equal marginal cost c. costs are minimized by shutting down d. revenues are maximized by shutting down e. revenues cannot cover variable costs
The invisible hand is
A. Perfect competition. B. The profit motive. C. Government direction. D. The mixed economy.
Refer to the accompanying figure.
Starting from long-run equilibrium at point C, an increase in government spending that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ creating ________ gap.
A. A; a recessionary B. B; no output C. B; expansionary D. D; an expansionary