Since World War II, GATT has been responsible for reducing the average tariff among member countries from about
a. 40 percent to about 5 percent.
b. 40 percent to about 20 percent.
c. 80 percent to about 20 percent.
d. 20 percent to about 10 percent.
a
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A firm's decision to invest in a project is based on the
A) real interest rate and expected total revenue. B) nominal interest rate and expected total revenue. C) nominal interest rate and the expected profit. D) real interest rate and the expected profit.
When Sidney's Sweaters, Inc makes exactly zero economic profit, Sidney, the owner
A) is taking a loss. B) will shut down in the short run. C) makes an income equal to his best alternative forgone income. D) will boost output.
At macroeconomic equilibrium, total ________ equals total ________
A) consumption; production B) taxes; transfers C) investment; inventories D) spending; production
List three distinct types of resources
What will be an ideal response?