GATT is the acronym (or abbreviation) for:
a. the General Agreement on Taxes and Tariffs.
b. the General Agreement on Tariffs and Trade.
c. the General Agreement on Trade and Taxes.
d. the General Agreement on Trade.
Ans: b. the General Agreement on Tariffs and Trade.
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Jones can brew 10 gallons of lager or 5 gallons of stout every three months, or any linear combination in between. Which statement below is true?
A) It costs Jones 5 gallons of stout for every 10 gallons of lager brewed. B) It costs Jones 1 gallon of stout for every 2 gallons of lager brewed. C) It costs Jones 1/2 gallon of stout for every 1 gallon of lager brewed. D) All of the above are true.
A firm's profit is
A) usually negative when opportunity costs are included. B) the difference between marginal revenue and marginal cost. C) the opportunity cost of the firm's shareholders. D) the difference between revenue and cost.
Requiring cars in Chicago to reduce pollution by the same amount as cars in Topeka is efficient
a. True b. False Indicate whether the statement is true or false
When people expect their income to be lower in the future, they will be:
A. more inclined to save. B. less inclined to save. C. unaffected in their present choices. D. People only react and change their savings decisions based on recent history.