Refer to the figure below. The equilibrium price is ________, and the equilibrium quantity is ________. 
A. $4; 6
B. $8; 6
C. $6; 4
D. $2; 8
Answer: C
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From the late 1940s until the creation of the WTO, the organization that was primarily responsible for conducting rounds of trade negotiations was the
A) World Bank. B) IMF. C) ITO. D) United Nations. E) GATT.
Sunk costs are:
A. costs that have been incurred and cannot be recovered. B. explicit costs that will incur large implicit costs to recoup or recover. C. costs that are upfront on a project and can be pulled out if the business goes under. D. the cost of recovering lost expenditures.
The value of money
a. remains constant during periods of inflation. b. varies inversely with the general price level. c. varies directly with the general price level. d. varies indirectly with output.
Why does economics fit well as a liberal arts education?
What will be an ideal response?