The General Agreement on Tariffs and Trade (GATT) is based on the principle of:
A. establishing a single international currency.
B. tariff reductions through multilateral negotiations.
C. converting tariffs to import quotas.
D. establishing common environmental and labor standards for all member nations.
B. tariff reductions through multilateral negotiations.
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Since the mid-1980s, the United States has been a net ________ and a ________ nation
A) borrower; creditor B) lender; creditor C) borrower; debtor D) lender; debtor
Producer surplus is the price of a good minus the opportunity cost of producing it, summed over the quantity produced
Indicate whether the statement is true or false
Increasing returns to scale in production means
A) more than 10% as much of all inputs are required to increase output 10%. B) less than twice as much of all inputs are required to double output. C) more than twice as much of only one input is required to double output. D) isoquants must be linear.
Total producer surplus in a market is measured as the
A) area bounded above the market clearing price and beneath the market demand curve. B) area bounded below the market clearing price and above the market supply curve. C) vertical distance from the horizontal (quantity) axis to the market clearing price. D) horizontal distance from the vertical (price) axis to the equilibrium quantity.