The equilibrium price in a market is found where
A. The market demand curve intersects the y-axis.
B. The market supply curve intersects the market demand curve.
C. The market supply curve intersects the y-axis.
D. The market supply curve intersects the x-axis.
Answer: B
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Discriminatory trade practices are allowed among sister WTO member countries, especially when it comes to
A) the use of child labor in agricultural and textile/apparel products. B) national security and special benefits given to other members of a free trade area. C) the protection of agriculture and textile/apparel from open trade. D) Both A and B are correct. E) Both B and C are correct.
Eric, a resident of Sweden, purchases a book printed in the U.S. Which country's exports increase?
a. Sweden's b. the U.S.'s c. Sweden's and the U.S.'s d. neither Sweden's nor the U.S.'s
Externalities may be internalized by
A. government-imposed taxes and subsidies. B. regulation. C. legal rules and procedures. D. All of the choices are correct.
Refer to the above figure. If the relevant aggregate demand curve is AD2, what is the current economic situation?
A. overemployment B. inflationary gap C. recessionary gap D. equilibrium