The World Trade Organization (WTO), established in 1995, has which of the following as an objective?
a. support free trade
b. eliminate trade subsidies
c. establish binding rules to ensure fairness in trade
d. All of these.
d. All of these.
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If the elasticity of supply of a good is zero, then its
A) supply curve is vertical. B) supply curve is horizontal. C) demand curve must be vertical. D) supply curve is positively sloped.
If the demand for cucumbers falls when the price of tomatoes rises, then we know that tomatoes and cucumbers are:
A. substitutes. B. normal goods. C. complements. D. inferior goods.
No tax can lead the economy to higher levels of efficiency.
Answer the following statement true (T) or false (F)
If you had fixed costs of $100,000 and variable costs of $10,000, in the long run you would stay in business if total revenue were equal to, or greater than
A. $0. B. $10,000. C. $100,000. D. $110,000.