The number of countries belonging to the World Trade Organization (WTO), as of 2013, is about:

The Federal Reserve uses open market operations rather than changes in legal reserve requirements as its principal tool of monetary management because changes in legal reserve requirements

A) can be easily evaded by commercial banks. B) must secure Congressional approval. C) would be excessively powerful and disruptive. D) would be less profitable for the Federal Reserve Banks.

What criticism does the textbook level against the cost-plus-markup theory of price setting?

A) The theory does not agree with what businessmen say about price setting. B) The theory does not account for vastly different percentage markups on different products. C) The theory implies firms will sometimes want to set prices below average cost per unit. D) The theory ignores sunk costs. E) All of the above.