One of the primary achievements of the Uruguay Round of GATT negotiations was the:
A. Elimination of import quotas
B. Creation of a worldwide free trade zone
C. Establishment of the World Trade Organization (WTO)
D. Establishment of equal, nondiscriminatory treatment for all members
C. Establishment of the World Trade Organization (WTO)
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Which government entity calculates GDP in the United States on a quarterly basis?
A) the Treasury Department B) the Commerce Department C) the Federal Reserve D) all of the above E) none of the above
If your income goes down by10% and, in response, the quantity demanded of good x falls by 20%, the income elasticity of demand would be:
a. 2 b. 4 c. .5 d. .20
Darla is surprised to find that the quality of in-flight service remains much the same despite a steep hike in air-fares recently. What could be wrong in her assumption that a higher price naturally translates into better quality?
An increase in fixed cost will, in the short run, alter the industry's output of
a. both a monopolist and a competitive industry. b. only a monopolist. c. only a competitive industry. d. neither a monopolist nor a competitive industry.