The purpose of the World Trade Organization (WTO) is to
A. Protect workers from foreign competition.
B. Protect producers from foreign competition.
C. Ensure that there are no losers as a result of free trade.
D. Enforce the rules of free trade.
Answer: D
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Which of the following brings only an increase in the quantity demanded of a good?
A) a decrease in income, assuming the good is an inferior good B) a rise in the price of a substitute good C) a fall in the price of the good itself D) an expectation that the good's price will rise in the future E) a decrease in income, assuming the good is a normal good
If nation-states are able to extend effective control over ocean resources from 3 miles to 200 miles off their coasts, valuable marine animals are more likely to be harvested
A) at a rate consistent with their long-run preservation. B) at a rate inconsistent with their long-run preservation. C) too rapidly for maximum net benefit. D) too slowly for maximum net benefit. E) up to the point of extinction.
Every transaction concerning the exportation of goods from the United States constitutes a
A) supply of foreign currency with no effect on the market for the dollar. B) demand for dollars with no effect on markets for foreign currencies. C) supply of foreign currencies and a demand for dollars. D) demand for foreign currencies and a supply of dollars.
When we say that money is fungible, we mean that a dollar spent out of your savings account:
A. is exactly the same as a dollar spent from your checking account. B. is earmarked for a purpose and can't be spent on everyday expenses like groceries. C. is not substitutable with any other dollar you have. D. is worth more than the dollar you have in your pocket.