The absolute value of the slope of the production possibilities curve is the
A. marginal rate of substitution.
B. contract curve.
C. offer curve.
D. Engel curve.
E. marginal rate of transformation.
E. marginal rate of transformation.
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The supply curve shows the
A) marginal benefit of a firm producing another unit of a good. B) dollars' worth of other goods and services we are willing to give up to get another unit of the good. C) minimum price that firms must receive to supply a certain quantity of a good. D) producer surplus of producing the good. E) maximum price that firms will accept in order to supply a certain quantity of a good.
The new GATS and TRIPS are separate agreements negotiated within the WTO framework as part of the Uruguay Round that apply to
A) services and transportation. B) agriculture and textiles. C) services and intellectual property. D) textiles and transportation.