In 1995 ________, which was established in 1948, was replaced by ________
A) NAFTA; the Smoot-Hawley Tariff B) the WTO; NAFTA
C) the GATT; the WTO D) the Smoot-Hawley Tariff; the GATT
C
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The figure above shows Cindy's demand for CDs per year
a. What is Cindy's consumer surplus on all the CDs consumed if the price of a CD is $12? b. What is Cindy's consumer surplus on all the CDs consumed if the price of a CD is $9? c. What happens to Cindy's consumer surplus when the price of a CD falls?
In a Lorenz curve, perfect income equality is represented by
A) a vertical line. B) a horizontal line. C) a rectangular hyperbola. D) a 45-degree line originating from the origin.
Studies show that doctors earn a compensation that is almost 20% higher than lifeguards, although both these professionals are considered to be life savers. Which of the following accounts for this difference in earnings?
a. Differences in human capital b. Differences in ability c. Differences in on-the-job experience d. Differences in the magnitude of risk associated with the job
Which of the following is likely to have the most price inelastic demand?
a. yoga mats b. prescription medicine c. protein powder d. gym memberships