The World Trade Organization (WTO) does not permit any deviation from the most favored nation (MFN) principle, except for the developing countries.
Answer the following statement true (T) or false (F)
False
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The existence of marginal external benefits for a product like higher education creates a deadweight loss for society because, without government intervention, ________ would be consumed and ________ would be produced
A) more than the efficient amount; more than the efficient amount B) more than the efficient amount; less than the efficient amount C) less than the efficient amount; more than the efficient amount D) less than the efficient amount; less than the efficient amount E) the efficient amount; the efficient amount
Chicken and fish are substitutes. Therefore, the cross elasticity of demand between chicken and fish should be: a. negative
b. positive. c. zero. d. All of the above are possible.
Market failure may lead to
A. Production possibilities. B. The absence of externalities. C. An equitable distribution of goods and services. D. Public goods being underproduced.
Based on the information in the above table, the price of A is $3, the price of B is $2, and the price of C is $5. If Lauren has $22 to spend, what combination of products A, B, and C should she buy in order to maximize her satisfaction?
A. 2 units of product A; 1 unit of product B; 4 units of product C B. 3 units of product A; 3 units of product B; 1 unit of product C C. 3 units of product A; 4 units of product B; 1 units of product C D. 3 units of product A; 4 units of product B; 0 units of product C