The WTO and GATT promote trade by
A) reducing tariffs. B) reducing agricultural subsidies.
C) eliminating quotas. D) all of the above.
D
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An inflationary gap means that the level of real GDP at the short-run macroeconomic equilibrium
A) is less than full-employment GDP. B) equals full-employment GDP. C) is more than full-employment GDP. D) may be less than, more than, or the same as full-employment GDP depending on the level of potential GDP.
Explain why the social demand curve for a public good is the vertical sum of the demand curves of each individual
What will be an ideal response?
If the income elasticity of demand for a good is -2.5, then
a. it is a normal good, and its demand curve will shift to the left if buyers' incomes increase b. it is a normal good, and its demand curve will shift to the right if buyers' incomes increase c. it is an inferior good, and its demand curve will shift to the right if buyers' incomes increase d. it is an inferior good, and its demand curve will shift to the left if buyers' incomes increase e. there is insufficient information to determine whether the good is normal or inferior
In a sole proprietorship
a. only one product can be offered for sale b. only family members can be employed in the business c. the business cannot expand unless it becomes a partnership d. one person owns the business e. stock can be issued to raise money for the business