The principal objective of the WTO is to
reduce the level of all tariffs
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The decision to go to graduate school is a rational one for a college student if the
A) cost is not too great. B) marginal cost exceeds the marginal benefit of graduate school. C) marginal benefit of graduate school exceeds the marginal cost. D) opportunity cost of graduate school equals zero. E) student carefully compared the social benefits of this decision.
Which of the following numbers, if it were equal to the 80/20 ratio for a particular country, would indicate the most inequality?
A. 1
B. 2
C. 0
D. 0.5
Division of labor
A) increases the amount of capital in the economy. B) leads to an increase in the amount of output in the economy. C) makes economic goods possible. D) is not possible for service goods.
The case against advertising includes the assertion that advertising
A. keeps firms from spending huge sums of money to create artificial differences among goods. B. ensures high quality and efficient production. C. provides consumers with valuable information about product availability, quality, and price. D. decreases competition by increasing barriers to entry of new firms into an industry.