Discriminatory trade practices are allowed among sister WTO member countries, especially when it comes to
A) the use of child labor in agricultural and textile/apparel products.
B) national security and special benefits given to other members of a free trade area.
C) the protection of agriculture and textile/apparel from open trade.
D) environmental protection.
B
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Fred buys a fresh-off-the-assembly-line car from Wee-Rob-U Auto Sales. He paid $27,500, even though Wee-Rob-U acquired it for $23,000. What happens to this year's GDP?
A) Nothing. B) It increases by $4,500. C) It increases by $23,000. D) It increases by $27,500. E) It decreases by $4,500, because the dealer robbed Fred.
If planned investment is independent of aggregate output, the planned investment schedule
A. has a positive slope. B. has a negative slope. C. is horizontal. D. is vertical.
What types of things are sold in input or factor markets? Who are the buyers and sellers in these markets?
What will be an ideal response?
Economists agree that a monopolistically competitive market structure
A) can eliminate any excess capacity if all firms in the industry devote more funds to differentiating their products. B) lowers consumer utility because consumers pay a price higher than the marginal cost of production. C) is detrimental to society because it leads to a waste of scarce resources. D) benefits consumers because firms produce products that appeal to a wide range of consumer tastes.