There is some misunderstanding of the WTO's provisions for environmental protection in trade. The WTO actually:
a. allows nations to bar all imports from nations that do not conform to their own standards.
b. provides that nations may enforce any standards for particular products as long as the standards apply equally to domestic producers and importers.
c. does not make any pretense of caring at all about the environment.
d. is very inconsistent in its rulings.
Ans: b. provides that nations may enforce any standards for particular products as long as the standards apply equally to domestic producers and importers.
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Which type of cost is does not change as the quantity of output produced changes?
A) total cost B) average cost C) fixed cost D) marginal cost
The market allocates goods to individuals according to the individuals’
A. desire for the good. B. ability to pay for the good. C. desire and ability to pay for the good. D. political influence.
Individuals are forced to make choices because
A. human wants are limited. B. the supply of resources is infinite. C. wants are unlimited and resources are scarce. D. resources are unlimited.
Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive.
 If the market supply curve is given by S3, then in the long run firms will:
A. exit the market, leading the market supply curve to shift back to S1. B. exit the market, leading the market supply curve to shift back to S2. C. neither enter nor exit the market, so the market supply curve will remain at S3. D. enter the market, leading the market supply curve to shift back to S2.