If our economy is growing at a constant rate of 5 percent per year, then over a period of 10 years we would expect to see which of the following?
A) nice, steady flat-line growth
B) an upward sloping growth path
C) a downward sloping growth path
D) It is impossible to say what kind of growth path we would see.
Answer: B) an upward sloping growth path
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In the table above, the marginal product of the third unit of labor is ________ units of output
A) 3 B) 4 C) 12 D) 16
The General Agreement on Tariffs and Trade and the World Trade Organization have resulted in
A) termination of export subsidies applied to manufactured goods. B) termination of import tariffs applied to manufactures. C) termination of import tariffs applied to agricultural commodities. D) termination of international theft of copyrights. E) a number of rounds of multilateral trade agreements.
A new technology that increases labor productivity will shift the
a. demand curve for labor to the left b. MLC curve to the left c. MPP curve downward d. demand curve for labor to the right e. demand for the good to the right
Which round of GATT led to the formation of the WTO?
What will be an ideal response?