What was the GATT?
What will be an ideal response?
The GATT or General Agreement on Tariffs and Trade was an international agreement signed by the United States and 22 other countries in 1947 to promote the liberalization of foreign trade.
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Goods and services are produced by using four factors of production:
A) land, labor, capital, and entrepreneurshi
Of the following, who gains with a tariff?
A) domestic buyers of the good or service B) the importer of the good or service C) the foreign exporter of the good or service D) the government of the importing nation E) the government of the exporting nation
When a firm's competitors cut their prices when the firm does, but do not raise their prices when the firm does, the result is that the firm has a kinked demand curve
Indicate whether the statement is true or false
The Law of Diminishing Marginal Utility suggests that
A. when you consume more, you are less happy. B. the more you consume, the less extra enjoyment you get out of each additional unit. C. when you consume more, society is less well off. D. when prices are higher, you buy more.