GATT is the acronym (or abbreviation) for:
a. the General Agreement on Taxes and Tariffs.
b. the General Agreement on Tariffs and Trade.
c. the General Agreement on Trade and Taxes.
d. the General Agreement on Trade.
Ans: b. the General Agreement on Tariffs and Trade.
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Consumer surplus is
A) the total difference between the total amount that consumers actually pay for an item and the total amount that they would have been willing to pay. B) the total difference between the total costs firms incur in producing an item and the utility consumers derive from purchasing the item. C) the total difference between the total amount that consumers would have been willing to pay for an item and the total amount that they actually pay. D) the total difference between the utility consumers derive from purchasing an item and the total costs firms incur in producing the item.
Carbon dioxide emissions are thought to contribute to global warming, and there is a concern that changes in climate will be costly. Emitting carbon dioxide is an example of:
A. an effluent fee. B. a public good. C. an adverse selection problem. D. a negative externality.