While tariff levels have been falling over the past several decades, nontariff barriers have been used increasingly
Indicate whether the statement is true or false
TRUE
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The key indicator of a country's living standard and economic well-being is:
A. real GDP. B. the interest rate. C. real GDP per person. D. nominal GDP per person.
The questions of what to produce, how to produce, and for whom are answered by
A. free-market economies. B. economies that are a mixture of planning and markets. C. command economies. D. all economic systems in some manner.
Suppose that Pat has the legal right to fly an extremely noisy airplane over Chris's apartment and that he values that right at $1,000 per year. Chris would be willing to pay $800 per year to avoid the noise. In this case,
a. Pat will be required to eliminate the overflight b. Chris will move to a new apartment c. Pat and Chris have a powerful incentive to eliminate the overflight because both would benefit from it d. some governmental agency will step in to require Pat to choose a different flight pattern e. there is no basis for an agreement to eliminate the overflight
The owner of a local restaurant comes to you for help. He needs to know whether or not he should increase the price of the meals he serves. To answer his question, what information would you like to know?
What will be an ideal response?