Which of the following words best reflects the initial attitude of less-developed countries toward GATT?
a. grateful, because it provided them with subsidies
b. proud, because it recognized the special status they had in world trade
c. unknowing, because it started out as a secret organization
d. annoyed, because they saw it as a rich man's club
e. terrified, because it seemed as if it was designed to reimpose colonialism
D
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Which of the following constitutes an input to the Cobb-Douglas production function?
A) capital B) labor C) total factor productivity D) all of the above E) none of the above
Other things being equal, the marginal revenue product for labor hired by a firm that is a monopolist in the output market:
a. is represented by an upward sloping curve. b. is equal to the marginal revenue product for labor hired by a perfectly competitive firm. c. is less than the marginal revenue product for labor hired by a perfectly competitive firm. d. is greater than the marginal revenue product for labor hired by a perfectly competitive firm. e. is equal to the value of marginal product of labor.