Which organization determines procedures for the settlement of international trade disputes?
A) World Bank
B) World Trade Organization
C) International Monetary Organization
D) International Bank for Reconstruction and Development
E) The League of Nations
B
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If a union establishes by collective bargaining a wage rate that is above a competitive market equilibrium wage rate, then
A) an excess quantity of labor will be supplied. B) a shortage of labor will result. C) there will be an increase in total employment. D) management will want to substitute labor for machinery.
Total producer surplus is measured as the area:
A. above the supply curve. B. between the demand curve and the supply curve. C. beneath the demand curve and above the market price. D. beneath the market price and above the supply curve.
For which of the following goods is the price least likely to be flexible?
A. Airline tickets B. Beer C. Milk D. Newspapers
The goal of profit-maximizing extraction firms such as an oil company or a mining company is to extract resources:
A. As fast as possible B. As slowly as possible C. When the user costs are rising D. For the greatest stream of profit over time