What is the current WTO policy regarding environmental standards and trade?
What will be an ideal response?
Under current WTO rules, a country can adopt any environmental standard it chooses, as long as it does not discriminate against foreign producers by applying its environmental standards on other countries.
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The short-term fluctuations experienced in the economy due to changes in levels of economic activity are called
A. the natural rate of unemployment. B. a recession. C. the business cycle. D. an expansion.
Graphically, how does a monopolistically competitive firm determine its profit-maximizing price?
A) It accepts the price set by the industry-wide forces of supply and demand. B) Graphically, it finds the place where MR = MC and charges the price directly to the left of that point. C) The firm's pricing structure is set by government regulators. D) The firm determines its profit-maximizing output and then charges the price associated with the point on its demand curve directly above that quantity.
A third party is a person, or persons, who
a. consumes goods produced from at least two intermediate inputs b. avoids the transactions of the two principal parties c. takes risks to avoid externalities d. internalizes the costs of market failure e. is imposed upon by the activity of others
The goal of product differentiation and advertising in monopolistic competition is to make:
A. the firm allocatively efficient even if it is not productively efficient. B. price more of a factor and product differences less of a factor in consumer purchases. C. price less of a factor and product differences more of a factor in consumer purchases. D. the firm productively efficient even if it is not allocatively efficient.