Economics:
A. is the science of the rich.
B. has nothing to do with the allocation of resources.
C. exists because of scarcity.
D. is not related to decision making.
Answer: C
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Refer to Table 4-1. The table above lists the highest prices three consumers, Tom, Dick, and Harriet, are willing to pay for a short-sleeved polo shirt. If the price of the shirts falls from $28 to $20
A) Harriet will receive more consumer surplus than Tom or Dick. B) Tom will buy two shirts; Dick and Harriet will each buy one shirt. C) consumer surplus increases from $14 to $35. D) consumer surplus will increase from $70 to $95.
Which of the following is true?
A) A country experiencing a debt or currency crisis would contact the World Trade Organization. B) The World Trade Organization was formed at the Bretton Woods conference. C) The General Agreement on Tariffs and Trade created the World Trade Organization in the negotiations and treaty known as the Uruguay Round. D) The World Trade Organization has no power to resolve trade disputes and to enforce their resolution.