One feature of the GATT and now the WTO is that all member nations get the same treatment from their trading partners in terms of trade rules and restrictions. This provision is called:
a. beggar thy neighbor.
b. the good neighbor policy.
c. rotating obligations.
d. most favored nation status.
Ans: d. most favored nation status.
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Diminishing marginal product of labor occurs when adding another unit of labor
A) increases output by an amount larger than the output added by the previous unit of labor. B) decreases output by an amount smaller than the output added by the previous unit of labor. C) changes output by an amount smaller than the output added by the previous unit of labor. D) decreases output.
Bill has $10 to spend on a Superman, Batman, or an X-Men T-shirt. Bill buys the Superman T-shirt and the Batman shirt was a close second choice. What is the opportunity cost?
a. The amount he spent, $10. b. Nothing, since he got his preferred choice. c. The Batman T-shirt. d. The X-Men T-shirt.