What result of the Uruguay Round was the most significant for global trade?
What will be an ideal response?
The creation of the WTO
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One reason that explains why the short-run aggregate supply curve is upward sloping is:
A. sticky wages. B. cartels keeping prices artificially high. C. the lag involved with public policy making. D. the changing profit levels experienced by firms.
(I) Positive economics cannot determine how much income inequality should be present in a country. (II) Critics of government action to reduce income inequality argue that modifying the market process of income determination may create perverse incentives and hurt wealth creation
a. Both I and II are true. b. Both I and II are false. c. I is true; II is false. d. I is false; II is true.
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
According to the graph shown, if this economy were to open to trade, surplus would:
A. increase for the consumer. B. increase overall. C. transfer from producer to consumer. D. decrease for the producer.
In the above figure, if the monopolist engages in marginal cost pricing, what are its output and price?
A. 1,200, $3 B. 700, $7 C. 900, $7 D. 700, $10