World trade and tariffs have been regulated by the International Trade Organization (ITO), General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO)
Today, only the ITO still exists to address international trade issues and monitor the implementation of any trade agreements negotiated in the Uruguay Round of world trade talks. Indicate whether the statement is true or false
False (Only the WTO still exists.)
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If firms in a monopolistically competitive industry are making an economic profit, then definitely there is
A) a leftward shift in each firm's demand curve as new firms enter the market. B) a rightward shift in each firm's marginal revenue curve as new firms enter the market. C) an upward shift in each firm's cost curves as new firms enter the market. D) All of the above answers are correct.
A good example of the government commandeering resources is
a. government subsidizing road construction b. the Pharaohs building the pyramids c. Bill Gates creating Windows 95 with a government issued patent d. Thomas Edison inventing the light bulb e. government taxing Disneyland