The international agreement signed in 1947 to promote world trade by reducing tariffs and other barriers to international trade was called
A) GATT.
B) NAFTA.
C) WTO.
D) Bretton-Woods agreement.
Answer: A
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When a minimum wage is set above the equilibrium wage rate, ________
A) the supply of low-skilled workers decreases and the supply curve shifts rightward B) unemployment increases C) search activity decreases D) the supply of low-skilled workers increases and the supply curve shifts leftward
A firm's total cost (TC) equals the sum of its fixed cost plus its
A) marginal cost. B) variable cost. C) variable cost plus its marginal cost. D) sunk cost plus its variable cost plus its marginal cost.
Refer to Figure 4-1. What is the total amount that Arnold is willing to pay for 3 burritos?
A) $1.50 B) $6.00 C) $7.00 D) $10.00
If the poverty threshold is set at 60 percent of median income, and if median income were $20,000 . then people in poverty earn less than
a. $32,000 b. $20,000 c. $12,000 d. $6,000 e. $24,00