What do the European Union (EU) and the World Trade Organization (WTO) have in common?
(A) The EU and the WTO both enforce the General Agreement on Tariffs and Trade (GATT).
(B) The EU and WTO are both organizations that represent member nations in international policy.
(C) The EU and the WTO both began in the 1950s.
(D) The EU and the WTO both have a parliament.
Ans: (B) The EU and WTO are both organizations that represent member nations in international policy.
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To produce more output in the short run, a firm must employ more of
A) all its resources. B) its fixed resources. C) its variable resources. D) the least costly resources regardless of whether they are fixed or variable. E) Firms cannot produce more output in the short run.
A profit-maximizing monopolist will never operate in the portion of the demand curve with price elasticity equal to
A) -3. B) -1. C) -1/3. D) None of the above—the price elasticity does not matter.