The agreement signed after the Uruguay Round of the General Agreement on Tariffs and Trade included coverage in several new areas of trade and investment. Which of the following is not one of those new areas?
A. Treatment of foreign investment
B. Agriculture and agriculture support policies
C. Trade in services
D. Intellectual property rights
Answer: B. Agriculture and agriculture support policies
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In the presence of adverse selection (due to high and low cost consumers), firms will employ screens to get information about consumers so long as this leads to a more efficient competitive equilibrium.
Answer the following statement true (T) or false (F)
If the government were to increase taxes, it would be enacting:
A. expansionary budgetary policy. B. contractionary monetary policy C. expansionary fiscal policy. D. contractionary fiscal policy.
Suppose that your firm's marginal cost of producing a pencil is 5 cents and the average cost of producing a pencil is 3 cents. If your firm is interested in minimizing average total costs, what should your firm do?
A. Increase production. B. Decrease production. C. Maintain production at the current level. D. Look for ways to increase fixed costs.
Related to the Economic in Practice on page 710: Corruption often leads to more efficient firms producing the goods and services in a society.
Answer the following statement true (T) or false (F)