Which of the following is accurate concerning WTO membership?
a. No state has ever left the group.
b. The organization had 100 members as of 2015.
c. The largest members in terms of GDP are Iran and Algeria.
d. States are no longer eagerly seeking membership as they had in the past.
a. No state has ever left the group.
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Which of the following types of economic regulation is most likely to encourage firms to inflate their costs?
A) price cap regulation B) rate of return regulation C) cartel regulation D) earnings sharing and price cap regulation
When there are economies of scale,
a. per-unit costs increase as output increases b. per-unit costs decrease as output increases c. per-unit costs are constant as output increases d. output does not affect per-unit costs
Which of the following is an example of a durable good?
a. food prepared at home b. food eaten at a restaurant c. high-fashion clothing d. binoculars e. motor oil
Economists distinguish between normal and inferior goods using
a. price elasticity of demand b. price elasticity of supply c. income elasticity of demand d. cross-price elasticity of demand e. tax incidence