The World Trade Organization (WTO) is an international organization designed to:
A. monitor and enforce trade agreements, while also promoting free trade.
B. monitor and enforce world banking policies, and lending between nations.
C. provide a forum for all nations to have discussion on various international issues of concern.
D. international governing body that is the final arbiter of all world trade.
A. monitor and enforce trade agreements, while also promoting free trade.
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If two countries begin trade and both produce a product subject to internal economies of scale, then the country with the ________ rate of production will ________ production until it controls ________ of the market
A) higher; increase; 100% B) higher; increase; 50% C) lower; increase; 100% D) lower; increase; 50% E) higher; decrease; 0%
The Taylor rule
A) is a rule stating that money should grow at a constant rate. B) is not considered to be a practical policy rule for central banks to follow. C) dictates that the central bank's target interest rate be responsive to real economic activity and to inflation. D) dictates that the nominal interest rate stay constant in the long run.
The process of research and development
a. always leads to useful products. b. almost never leads to useful products. c. often involves a waste of resources. d. is usually conducted in governmental laboratories.
A local restaurant offers an "all you can eat" Sunday brunch for $12. Jenica eats two servings but leaves half of a third helping uneaten. Why?
A) Her marginal value of an additional bite of food has fallen to zero. B) Her marginal value of additional food has fallen below $4 ($12 divided by 3 servings). C) Her marginal value of brunch has fallen below $12. D) The total value she places on brunch today exactly equals $12.