If Jacqueline is willing to accept $1 for a cupcake and Jameson is willing to pay $3 for a cupcake, and they negotiate a price of $2 for a cupcake, the cooperative surplus is
A) $1.
B) $2.
C) $3.
D) $4.
B
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One of the outcomes of the Uruguay Round is the formation of the World Trade Organization now sets new trade rules and has more power than the old GATT to enforce the rules it sets
Indicate whether the statement is true or false
The meaning of "terms of trade" is
A) the price of a country's exports divided by the price of its imports. B) the amount of exports sold by a country. C) the price conditions bargained for in international markets. D) the quantities of imports received in free trade. E) the tariffs in place between two trading countries.
Which of the following illustrates the law of demand?
A) More people watch college basketball in March than in November. B) The number of long distance calls in the United States is greater on Christmas than on Valentine's Day. C) College enrollment increases when federal tuition grants are readily available to students. D) The prevailing wage rate in an industry determines how many people choose to work in the industry.
The decline in the average number of hours worked over the last century from 60 hours to 40 hours can be explained as a consequence of
a. an increase in nonlabor income shifting labor supply to the left. b. an increase in nonlabor income shifting labor supply to the right. c. a decrease in the demand for labor. d. an improved understanding of the importance of sleep to labor productivity.