The WTO replaced the GATT in
A) 1900.
B) 1945.
C) 1960.
D) 1995.
Answer: D
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Explain how an increase in business investment at a constant price level changes equilibrium expenditure
What will be an ideal response?
Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for frozen yogurt. Which panel describes what happens in the market for frozen yogurt when the price of ice cream, a substitute product, increases?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)
Suppose the respective prices of yogurt, candy bars, and popcorn in Year 1 are $1, $2, and $3 . In Year 2, the unit prices of each are $2, $3, and $4 respectively. Which of the following statements is true of the price level between Year 1 and Year 2? a. It decreased by 20 percent
b. It increased by 33 percent. c. It increased from $6 to $9. d. It decreased at a rate between 20 percent and 50 percent. e. It increased at a rate between 33 percent and 100 percent.
Assume the production of a good causes a negative externality. In the market equilibrium, the marginal consumer values the good at
a. less than the social cost of producing it. b. less than the private cost of producing it. c. more than the social cost of producing it. d. more than the private cost of producing it.