A. What is the World Trade Organization?
b. When was it established?
c. How many countries are members of the World Trade Organization?
What will be an ideal response?
a. The World Trade Organization (WTO) is an international organization based in Geneva, Switzerland, that oversees international trade agreements.
b. The WTO replaced the GATT in January, 1995.
c. Currently, more than 150 countries are members of the WTO.
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For foreign direct investment to occur, the purchase has to be more than
A) 8 percent but less than 10 percent of shares in a business located abroad. B) 5 percent but less than 10 percent of shares in a business located abroad. C) 10 percent of shares in a business located abroad. D) 2 percent but less than 5 percent of shares in a business located abroad.
Which of the following is NOT an advantage of firm coordination of economic activity?
A) Firm coordination decreases transactions costs. B) When firms coordinate economic activity, there are no opportunity costs. C) Firms can take advantage of the economies of team production. D) Economies of scope can be realized by firms that produce a range of goods and services that share specialized resources.
Which of the following factors was NOT responsible for the decline in farmers as a percent of the U.S. population from after the Civil War to 1900?
A. Falling prices for corn, wheat, and cotton B. The demand for food outstripped supply C. New technology D. The government's liberal land policy that increased output
Economists define technology as
A) machines such as computers. B) entrepreneurship. C) absolute advantage. D) society's knowledge concerning the production of goods.