The central goal of the General Agreement on Tariffs and Trade (GATT) was to:
A. promote free trade associations and customs unions.
B. reduce trade barriers.
C. promote international security.
D. ensure a balance of trade between countries.
Answer: B
You might also like to view...
Nick consumes two goods, chips and lemonade. Located on the x-axis is the quantity of chips and on the y-axis is the quantity of lemonade. The magnitude of the slope of the budget line equals the
A) price of lemonade. B) price of chips. C) price of chips/price of lemonade. D) price of lemonade/price of chips.
Often economists measure the loss in consumer surplus by looking at the changing area below the Marshallian demand curve. This approach will provide a more accurate measure of the compensating variation of such a price increase if: a. the good occupies a small portion of a person's budget
b. the good occupies a large portion of a person's budget. c. the good has many close substitutes. d. the good has few substitutes.
Jennifer wants to buy a pound of cheese. She is willing to pay up to $5 per pound for her favorite brand. A local store currently sells her favorite brand for $4 but is willing to receive $3.50 per pound. The surplus earned by the store is _____
a. $0.50 b. $1 c. $1.50 d. $4
If a monopolistically competitive firm's demand curve is shifting left, it will stop shifting when:
A. firms are positive but not large economic profit. B. the firm is earning zero economic profit. C. the firm is earning negative economic profit. D. price falls to marginal cost.