An organization that brings together the factors of production is called
A. a firm.
B. an industry.
C. a conglomerate.
D. a plant.
Answer: A
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The World Trade Organization (WTO) promotes foreign trade and investment, or globalization. In recent years opposition to globalization has led to violent protests at meetings of the WTO. One reason for these anti-globalization protests is
A) protesters believe that free trade destroys the distinctive cultures of many countries. B) protesters believe that globalization will result in a return to communism in developing countries. C) protesters object to the loss of intellectual property (such as software programs and movies) that results from foreign trade and investment. D) foreign trade and investment are examples of zero-sum games.
Even though international trade is undertaken voluntarily, a country that engages in trade may not benefit from it.
Answer the following statement true (T) or false (F)
At any quantity at which the demand curve lies above the supply curve,
a. economic efficiency is achieved b. the cost of producing the last unit exceeds its value to some consumer c. marginal cost exceeds the market price d. the market is Pareto efficient e. the value of the last unit to some consumer exceeds the cost of producing it
The primary rationale for antitrust policy is mistrust and an expectation of foul play
Indicate whether the statement is true or false