Which organization acts as a forum for countries to come to agreement on trade policies and resolve trade policy disputes?
a. the International Trade Organization
b. the United Nations
c. the World Trade Organization
d. the United Nations Conference on Trade and Development
Ans: c. the World Trade Organization
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The fact that a rock star earns $5 million a year while a teacher earns $25,000 annually is most directly an example of an economy answering the ________ part of one of the two big economic questions
A) "when" B) "for whom" C) "how" D) "why"
Suppose that during a given month 500,000 persons quit their job to become self-employed. This will cause
A) the unemployment rate to fall. B) the unemployment rate to rise. C) payroll employment to rise. D) payroll employment to fall. E) no change in either the unemployment rate or payroll employment.
Long-term economic ___________ is illustrated in the AD/AS framework by a gradual shift of the aggregate supply curve to the right.
a. growth b. decline c. stagnation d. stagflation
Denmark is an importer of computer chips and adds a $5 per chip tariff to the world price of $12 per chip. Suppose Denmark removes the tariff. Which of the following outcomes is not possible?
a. More Danish-produced chips are sold in Denmark. b. More foreign-produced chips are sold in Denmark. c. Danish consumers of chips become better off. d. Total surplus in the Danish chip market increases.