Which of the following is entrusted with the responsibility of settling trade disputes between countries?
a. The European Union
b. The International Monetary Fund
c. The World Trade Organization
d. The International Labor Organization
e. The United Nations Organization
c
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Consider two resource markets in which the demand curves slope downward. In market A, the supply curve is horizontal, equilibrium price is $6, and 100 units of the resource are hired. In market B, the supply curve is vertical, equilibrium price is $20, and 30 units of the resource are hired. Which of the following is true?
a. All of the resource earnings in market A are economic rent. b. All of the resource earnings in both markets are economic rent. c. All of the resource earnings in market B are economic rent. d. None of the resource earnings in either market is an opportunity cost. e. None of the resource earnings in either market is economic rent.
At the federal level, the single most important tax, accounting for slightly less than half of revenue, is the:
A. corporate income tax. B. personal income tax. C. sales tax. D. property tax.
According to the graph shown, consumer surplus is:
A. $15. B. $20. C. $30. D. $10.
Expansionary monetary policy is essentially finished once the Fed reduces the federal funds rate to zero
a. True b. False Indicate whether the statement is true or false