Which of the following is an example of trade policy at the regional level?
a. Congress passing legislation to prevent dumping.
b. The European Union adopting a common currency
c. The World Trade Organization holding a round of negotiations in France.
d. The General Agreement on Tariffs and Trade being made.
b. The European Union adopting a common currency
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In the long-run equilibrium in a perfectly competitive market, the firms produce at the ________ possible average total cost and the price equals the ________ possible average total cost
A) highest; highest B) lowest; lowest C) highest; lowest D) lowest; highest
Which of the following is not a necessary characteristic for a tax to qualify as a good tax?
a. justifiably b. convenience c. being economical d. equality
A possible market solution that a reputable firm can engage in when faced with the lemons problem is
A) to offer a warranty. B) to engage in externalities. C) to create asymmetric information. D) to use average cost pricing.
A firm produces 300 products with 50 workers and 20 machines. When it doubles its inputs to 100 workers and 40 machines, production more than doubles to 700 products. This is an example of: