The World Trade Organization (WTO):
A. sets tariffs to balance international trade among nations.
B. is the successor to GATT.
C. is better known as the European Union.
D. sets exchange rates to balance international trade among nations.
B. is the successor to GATT.
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The data in the above table indicate that the economy will be in a short-run macroeconomic equilibrium at a price level
A) between 130 and 121. B) between 119 and 111. C) of 120. D) of 110.
One typical way that economists define efficiency is when it is possible to improve the situation of one party without imposing a cost on another.
Select whether the statement is true or false. A. True B. False
The concept of surplus can:
A. show who loses from minimum wage. B. show the benefits of introducing new markets. C. show who benefits from a tax. D. show any of these.
If the average variable cost of the fifth hat is $30, then the total variable cost of five hats is
A) $6. B) $150. C) $1800. D) indeterminate from this information.