The rules of the WTO:
a. apply only to domestic trade within a nation.
b. apply to both domestic trade within a nation and international trade with other nations.
c. apply only to trade among nations.
d. include a prohibition of tariffs.
e. encourage high tariffs.
c
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Which of the following models explains why high unemployment has persisted in some European countries for such long periods—periods too long to be the result of fixed money-wage contracts or backward-looking price expectations?
a. Insider outsider models b. Efficiency wage models c. Sticky price models d. IS-LM models
Determine the output expansion path (equation) for a Cobb-Douglas production function f(L,K) = 10LaK1-a. How does the shape of the output expansion path change as "a" changes?
What will be an ideal response?
For an increasing cost industry, the long-run supply curve has a(n) _____ elasticity of supply
a. infinite b. negative c. positive d. zero
The iso-revenue curve will shift to the right
A) If the production possibilities curve expands. B) If the level of income increases. C) If the price of the two commodities increases. D) None of the above