The WTO explicitly stated that in making its sea turtle decision, it was NOT saying that sovereign nations could not adopt effective measures to protect endangered species. Clearly, it said, sovereign nations can and should develop effective measures, including trade measures, to protect endangered species
Indicate whether the statement is true or false
TRUE
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All recessions are due to external shocks
Answer the following statement(s) true (T) or false (F)
Scarcity results from the fact that
A) people's wants exceed the resources available to satisfy them. B) not all goals are desirable. C) we cannot answer the major economic questions. D) choices made in self-interest are not always in the social interest. E) the population keeps growing.
The assumption of imperfect information is critical to
A) the old Keynesian and all New Classical approaches. B) all New Classical approaches. C) the Friedman, Phelps, and Lucas New Classical approaches. D) the real business cycle approach.
The Invisible Hand Principle suggests that
a. market prices direct individuals to produce more goods. b. individuals pursuing their own interests detract from the economic well-being of society. c. there should be stronger governmental initiatives to ensure cooperation for the betterment of society. d. market forces tend to channel the actions of self-interested individuals into activities that promote the general betterment of society.