The establishment of GATT resulted in
a. lower tariff rates
b. increased tariff rates
c. decreases in total world trade
d. increased protectionism
e. a rise in the price of imports
A
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The proposition that the price of a resource is expected to rise at a rate equal to the interest rate is called the
A) discounted present value. B) derived demand for productive resources. C) diminishing marginal revenue product. D) Hotelling Principle.
If a good has perfectly inelastic demand,
a. an infinite amount could be sold without a change in price b. the same amount would be purchased regardless of price c. any price change is matched by an equal percentage change in quantity demanded d. total revenue remains unchanged if the price rises or falls
When the U.S. Treasury purchases gold from a member of the non-bank public, the immediate effect is that __________ and __________
A) reserves increase; currency in circulation decreases B) reserves decrease; currency in circulation increases C) reserves increase; Treasury deposits decrease D) reserves decrease; Treasury deposits increase
For a perfect first-degree price discriminator, incremental revenue is
A) greater than price if the demand curve is downward sloping. B) the same as the marginal revenue curve if the firm is a non-discriminating monopolist. C) equal to the price paid for each unit of output. D) less than the marginal revenue for a non-discriminating monopolist.