The World Trade Organization (WTO)
a. is the successor to GATT
b. administers trade agreements and resolves trade disputes
c. comprises more than 150 member nations
d. all of the above
e. (a) and (b) only
d. all of the above
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Make use of the misperceptions theory to explain why the short-run aggregate supply curve is upward sloping
What will be an ideal response?
Which of the following public policies has (have) the effect of restricting competition?
a. licensing b. patents c. import quotas d. a and b only e. a, b, and c
The external marginal cost of producing coal is MCexternal = 6Q while the internal marginal cost is MCinternal = 4Q. The inverse demand for coal is given by P = 120 ? 2Q. If the government taxed output at $2 per unit, what would a competitive industry produce?
A. 20 B. 15 C. 10 D. 8
The natural rate of unemployment is the
A. Amount of cyclical unemployment minus the anticipated rate of unemployment. B. Rate that would occur if the structural deficit were zero. C. Rate that corresponds to 3 percent inflation on the Phillips curve. D. Long-term rate determined by structural forces in labor and product markets.