The WTO encourages nations to take unilateral action on trade issues, including issues involving environmental protection
Indicate whether the statement is true or false
FALSE
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Total expenditures for new final goods equals total output of new final goods in the income and product accounts
A) because no one will produce what cannot be sold. B) because prices will rise or fall to clear the market. C) because unsold goods are assumed to be purchased by the firms that produced them. D) only at equilibrium. E) when all goods are sold in the year they are produced.
Refer to the above figure. All of the following are true concerning the diamond-water paradox EXCEPT
A. marginal utility of diamond consumption is relatively high. B. since the price of diamonds is high, demand is great. C. the demand for water exceeds the demand for diamonds. D. the price of diamonds exceeds the price of water.
Decision makers in oligopolistic firms must devise a strategy. One that yields the highest benefit, regardless of what the other players do is a
A. rule-of-thumb strategy. B. pricing strategy. C. dominant strategy. D. revenue strategy.
Use the following formula to answer the indicated question: Welfare benefit = Maximum benefit - 0.4 [Wages - (Work expenses + Child care costs)] Suppose Emily works 1,800 hours per year at a wage of $8 per hour, has child care expenses of $4,000 per year, and has work expenses of $1,000. If the state maximum welfare benefit is $12,000 per year, based on the welfare formula given, Emily's welfare benefit will be
A. $3,760. B. $2,600. C. $8,240. D. Zero because her income exceeds the limit.