Which world organization monitors trade and resolves disputes?
A. WTO
B. GSP
C. WORLD BANK
D. UNCTAD
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A new study finds that eating more peanut butter will improve a person's health. As a result,
A. the demand for peanut butter will fallB. the price of peanut butter will fall
B. a smaller amount of peanut butter will be purchased
C. the demand for peanut butter will rise
D. the price of peanut butter will fall
Mitch has $100 to spend and wants to buy either a new amplifier for his guitar or a new mp3 player to listen to music while working out. Both the amplifier and the mp3 player cost $100, so he can only buy one. This illustrates the basic concept that
A. Trade can make everyone better off
B. People respond to incentives
C. Rational people think at the margin
D. People face tradeoffs and opportunity costs.
Which of the following is the worst choice when transporting a product such as stones?
A. Truck
B. Train
C. Aircraft
D. Ship
Transportation provides which of the following utilities?
A. Possession utility
B. Place utility
C. Time utility
D. Both A and B