The WTO (under the GATT agreement) provides that nations may enter into regional trade agreements as long as they:
a. limit such agreements to one.
b. extend the provisions to all other nations in the WTO.
c. do not jointly increase tariffs against outside countries.
d. make sure they include smaller nations in their regions.
Ans: c. do not jointly increase tariffs against outside countries.
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What is the "quantity demanded"?
A) the amount of a good people desire B) the amount of a good people are able and willing to buy during a specific time period and at a given price C) the amount of a good people are able and willing to buy at all possible prices D) the maximum amount of a good that can be consumed during a specific time period E) the minimum amount of a good that people are willing to buy during a specific time period and at a given price
For society as a whole, the optimal amount of pollution control exists when: a. the marginal cost of pollution reduction is equal to the marginal benefit of the pollution reduction. b. firms are allowed to produce as much pollution as necessary to make the goods people want. c. the marginal costs of pollution clean up exceed the benefits
d. no pollution is permitted at all.