The primary purpose of GATT is to
a. protect the United States from cheap foreign labor
b. foster trade among nations
c. promote the dumping of foreign goods
d. prevent the dumping of foreign goods
e. form a union of European nations
B
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U-4, U-5 and U-6 are
A) all broader measures of the unemployment rate. B) all narrower measures of the unemployment rate. C) not used by the Bureau of Labor Statistics because they include too much variability. D) narrower measures of the labor force participation rate. E) broader measures of the labor force participation rate.
A consumer chooses an optimal consumption point where the
a. marginal rate of substitution equals the relative price ratio. b. slope of the indifference curve exceeds the slope of the budget constraint. c. ratios of all the marginal utilities are equal. d. All of the above are correct.
The price at which a monopolistic competitor sells its product in both the long run and the short run is equal to:
A. average revenue. B. marginal cost. C. marginal revenue. D. average total cost.
The change in the consumption of one good that just offsets a one-unit change in the consumption of another good is the
A. marginal rate of satisfaction. B. marginal utility. C. marginal rate of consumption. D. marginal rate of substitution.