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.
C
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Suppose that the demand for artichokes (Qa) is given as: Qa = 200 - 4P. Suppose that the price of artichokes is increased slightly from $10. The total expenditure by consumers on artichokes will ________ and the number of artichokes sold will ________.
A. rise; rise B. fall; fall C.fall; rise D. rise; fall
If the elasticity of demand coefficient for a good is 6 (in absolute terms), we know:
a. that for every 1% increase in quantity, there will be a 6% increase in price. b. that for every 1% increase in quantity, there will be a 6% decrease in price. c. that for every 6% increase in quantity, there will be a 1% increase in price. d. that for every 6% increase in quantity, there will be a 1% decrease in price.