How did the Uruguay Round of GATT impact agriculture?
What will be an ideal response?
Many quotas were converted to tariffs; many industrial countries agreed to reduce their direct support of the farm sector
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The above figure shows the relationship between the price of a slice of pizza and how many slices of pizza Ricardo buys in a week. Between points A and B, the slope of the line equals
A) -5. B) -4. C) -3. D) -1. E) -2
To derive the labor market demand curve, the labor demand curves for each firm in the output market of interest are summed
Indicate whether the statement is true or false
Economics is about the allocation of scarce resources. Which of the following is NOT an example of economic scarcity?
A) If Steve goes to see a movie on Saturday, he will not be able to afford buying ice cream. B) If Jenny studies for her economics quiz this evening, she will not have time to walk her dog. C) If General Motors increases its production of SUVs this year, it will have to spend more on advertising. D) If Barnes and Noble bookstore increases the number of titles it carries, it will have to reallocate shelf space to accommodate the new titles.
Federal subsidies to higher education have the effect of
a. increasing the demand for higher education b. increasing the supply of higher education c. decreasing the demand for higher education d. decreasing the supply of higher education