A major criticism of the World Trade Organization is that it:
A. Raises output and production in developing nations at the expense of developed nations
B. Increases the living standards in member nations at the expense of non-member nations
C. Weakens collective bargaining and labor laws in member nations
D. Imposes costly environmental protections on the world economy
C. Weakens collective bargaining and labor laws in member nations
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Dumping occurs when a foreign firm ________
A) pollutes international waters B) disposes of waste materials in other countries C) sells inferior output to foreigners D) sells its exports at a lower price than its cost of production
Recently, many developing countries throughout the world have begun to institute policies that seek to
A) liberalize international trade by lowering trade barriers. B) reduce dependence on international trade by raising trade barriers. C) reduce dependence on international trade by instituting laws that call for buying only domestically made goods. D) Two of the above.
A business incurs the following costs per unit: Labor $5/unit; Materials $3/unit and rent $5000/month. If the firm produces 1000 units a month, the total costs equals
a. $5,000 b. $8,000 c. $13,000 d. $3,000
If the percentage change in the quantity demanded of a good equals the percentage change in price, price elasticity of demand is:
a. elastic. b. inelastic. c. perfectly elastic. d. unitary elastic.