During the Uruguay round of GATT negotiations, the United States sought to
a. liberalize trade in agricultural products.
b. increase the number of quotas on finished goods.
c. liberalize the use of embargoes.
d. tighten the role of GATT in excluding services.
a. liberalize trade in agricultural products.
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Taco Bell produces both tacos and burritos because when it does so, Taco Bell experiences
A) economies of scope. B) decreasing scope of costs. C) increasing normal profit. D) economies of scale.
Refer to the payoff matrix below. In reference to the Nash equilibrium/equilibria in this game, which of the following is true?
Cruise R Us and Cruise the World compete in the cruise line industry. Each firm needs to determine if they are going to offer special cruise packages with special rates or not offer the specials. The above payoff matrix shows the firms' net economic profit for each set of strategies.
A) Cruise R Us No Specials and Cruise the World No Specials is a Nash equilibrium.
B) There are no Nash equilibria in this game.
C) Cruise R Us Specials and Cruise the World No Specials is a Nash equilibrium.
D) Cruise R Us Specials and Cruise the World Specials is a Nash equilibrium.
The term protectionism, when applied to international trade, refers to governmental restrictions and incentives to affect trade flows.
a. true b. false
When attorneys, accountants and other professionals wear expensive clothing, it:
A. does not serve as a credible signal of ability because anyone can wear nice clothes. B. can serve as a credible signal of ability. C. is a waste of money because professionals do not need to signal their ability. D. only serves as a useful signal of ability if they already have well-established reputations.