A buyer’s willingness to pay is that buyer’s ?
A. minimum amount they are willing to pay for a good
B. producer surplus.
C. consumer surplus
D. maximum amount they are willing to pay for a good (Correct)
E. none of these answers…
The chief reason that Congress is so ineffective is________________?
A. that the Constitution delegates it so little power
B. a result of the gradual emergence of the Supreme Court as a legislative body
C. the development of the…
Which round of international trade negotiations resulted in the creation of the World Trade Organization ?
A. Kennedy Round of 1964-1967
B. Tokyo Round of 1973-1979
C. Uruguay Round of 1986-1993 (Correct)
D. Doha Round of…
If a country has a bowed out (concave to the origin) production possibility frontier then production is said to be subject to ?
A. constant opportunity costs
B. decreasing opportunity costs
C. first increasing and then decreasing…
Singapore and Hong Kong have become major economic powers by taking advantage of their ?
A. abundant mineral resources
B. imported cheap labor from Japan
C. Profits from agricultural surpluses
D. favorable location on…
National income refers to ?
A. Money value of goods and and services produced in a country during a year. (Correct)
B. Money value of stocks and shares of a country during a year.
C. Money value of capital goods produced by a country…