The General Agreement on Tariffs and Trade and the World Trade Organization have resulted in
A) termination of export subsidies applied to manufactured goods.
B) termination of import tariffs applied to manufactures.
C) termination of import tariffs applied to agricultural commodities.
D) termination of international theft of copyrights.
E) a number of rounds of multilateral trade agreements.
E
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What is the economic variable that guides the invisible hand?
What will be an ideal response?
In a perfectly competitive market structure any firm can enter or leave the industry without serious impediments. This implies
A) the products sold will be alike. B) firms will move labor and capital in pursuit of profit-making opportunities to whatever business venture gives them the highest return on their investment. C) no one buyer or seller has any influence on price. D) consumers are able to find out about lower prices charged by other firms.