Fred Ramirez is a farmer who charts the relationship between number of acres planted in corn and number of bushels of corn harvested. Which marginal concept can Fred measure with this data?

Which of the following best explains the shape of the individual labor-supply curve?

a. The individual labor-supply curve is exactly like any supply curve, it always has a positive slope. b. The individual labor-supply curve slopes downward at all wage rates because, as wages increase, people are able to buy more leisure. c. The individual labor-supply curve slopes upward at lower wage rates and then bends back at higher wage rates. d. The individual labor-supply curve must be vertical because each person can work only eight hours per day. e. The individual labor-supply curve must be horizontal because labor markets are assumed to be perfectly competitive.

GATT is an example of a successful unilateral approach to achieving free trade

a. True b. False Indicate whether the statement is true or false