The World Bank formed the World Trade Organization when it became clear that to alleviate poverty in developing nations, agricultural trade barriers were going to have to be reduced
Indicate whether the statement is true or false
FALSE
You might also like to view...
The ultimate or absolute measure of value in the opportunity cost perspective
A) does not exist. B) is the labor embodied in goods. C) is the money price of the goods. D) is the nonrenewable resources consumed in producing the goods.
Refer to Figure 17-9. A follower of the new classical macroeconomics would argue that ________ like that pursued by Paul Volcker in 1979, would result in a movement from C to A
A) expansionary fiscal policy B) expansionary monetary policy C) contractionary monetary policy D) contractionary fiscal policy
Many economists argue that the best way to correct employer discrimination is to
a. pass comparable worth laws b. increase the price of output, thereby raising profit c. shift the marginal revenue product curve of the unfavored group to the right d. shift the demand for labor to the left e. allow the market mechanism to equalize wages
The elasticity of output with respect to capital
A. is the inverse of the elasticity of output with respect to labor. B. is always greater than one. C. is the increase in output resulting from an increase in the capital stock. D. is the percentage increase in output resulting from a 1 % increase in the capital stock.