Everything else held constant, a credit-drive bubble is generally considered to have the potential to cause ________ damage to an economy compared to an irrational exuberance bubble
A) less
B) about the same amount of
C) more
D) either more, less, or the same amount of
C
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The WTO opposes quotas. Why did the WTO not stop the U.S. Japanese quota during the 1980s?
a. There was a loophole in the GATT (at the time) that did not restrict nations from "voluntarily" curtailing their own exports. b. Quotas are permitted under the GATT and WTO—as long as they are implemented for an approved reason. c. The political situation at the time was tense; the GATT did not want to take on the powerhouses of the United States and Japan over such a small issue. d. The WTO operates by consensus; all parties wanted the quotas.
When total revenue reaches its peak (elasticity equals 1), marginal revenue reaches
A) 1. B) zero. C) -1. D) Cannot be determined from the information provided