Describe World Trade Organization
Describe World Trade Organization (WTO)?
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1. The Uruguay Round of the GATT established the WTO as the GATT’s successor.
2. The WTO oversees trade agreements and rules on trade disputes.
3. Critics of the WTO are concerned that the rules crafted to expand trade and investment enables firms to circumvent national laws that protect workers and the environment.
4. Proponents argue promotion of free trade will raise output and incomes and that the higher standards of living will likely result in more protections for workers and the environment.
Illustrate the several determinants of demand besides price which affect demand?
Describe three ways to finance corporate activity. Make a case that stocks are more risky for the financial investor than are bonds?
How is a shift in demand reflected in a demand equation? How is a shift in supply reflected in a supply equation? How is a movement along a demand (supply) curve reflected in a demand (supply) equation?
Explain the statements: The market system provides such a variety of desired goods and services precisely.
Difference between normal goods and inferior goods. Give illustration.
Economic scarcity is pervasive, that makes choices essential. Therefore, rationally optimal decisions hinge upon tradeoffs which essentially reflect: (i) cooperation to minimize human greed. (ii) opportunity costs. (iii) competitive social behavior. (
Critically evaluate: “In comparing the two equilibrium positions, it note that a larger amount is actually purchased at a higher price. This disprove the law of demand.”
Explain about Market Structures briefly.
Q X= 600- 6PX + 20I +0.4PY c. Suppose PX increases by 10%, by what percentage would sales decrease? Explain how this price increase affect total revenues from good X.
What divergences arise between equilibrium and an efficient output when spillover costs? How might government correct this divergence?
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