The most important international trade organization is
A) the World Bank.
B) the World Trade Organization.
C) the International Monetary Fund.
D) the European Union.
B
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Which of the following is NOT a characteristic of the market structure for monopolistic competition?
A) Firms are free to enter and exit. B) Firms are price takers. C) Firms compete on product quality, price, and marketing. D) There are a large number of firms.
Vinny consumes tacos and chicken wings. To keep his utility constant, he must consume more tacos if he consumes fewer chicken wings. This means that
A) Vinny's indifference curve for tacos and chicken wings must have a negative slope. B) Vinny's marginal rate of substitution must be constant along his indifference curves for tacos and chicken wings. C) Vinny's marginal utility from each good must be constant along his convex indifference curves for tacos and chicken wings. D) the prices Vinny pays for tacos and chicken wings are always the same.
Table 21.1Units of LaborUnits of Output00115235345452With which unit of labor do diminishing marginal returns first appear in Table 21.1?
A. The first. B. The second. C. The fourth. D. The third.
External debt rises from 5 percent of GDP to over 30 percent of GDP. This increase in external debt is:
A. a potential problem because government debt is no different from the debt of individuals. B. not a potential problem because government debt differs from the debt of individuals. C. a potential problem because repayment implies a net reduction in the income of an average citizen. D. not a potential problem because repayment does not imply a net reduction in the income of an average citizen.