A political equilibrium can never be reached without voters, firms, politicians and ________
A) bureaucrats
B) public costs
C) indifference curves
D) market prices
A
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A worldwide recession reduces the amount of U.S. exports, and as a result, aggregate demand decreases. To move U.S. GDP back to potential GDP, the Fed should
What will be an ideal response?
In 1995, the General Agreement on Tariffs and Trade (GATT), which was established in 1948, was replaced by the World Trade Organization (WTO). Why did members of the GATT push for the establishment of the WTO?
A) The GATT agreement only covered trade in goods. The WTO was created to cover trade in goods, services, and intellectual property. B) The charter of the GATT had run out and a new organization was needed to promote international trade. C) The creation of the European Union (EU) made the GATT obsolete. The WTO was formed to regulate trade between the EU and other nations. D) By 1995 tariffs had been eliminated. The WTO was created to reduce non-tariff trade barriers.
Suppose there are four firms in an industry. The market shares of the four firms are 5 percent, 20 percent, 35 percent, and 40 percent. The Herfindahl-Hirschman index for that industry is
A. 1,250. B. 6,650. C. 100. D. 3,250.
Referring to the Economics in Practice on page 320: A successful celebrity endorsement of a product will likely shift the demand curve for the product to the ________, resulting in ________ in the equilibrium price of the item.
A. left; an increase B. right; an increase C. left; a decrease D. right; a decrease