Through the U

question 70

Multiple Choice

Through the U.S. Generalized System of Preferences (GSP) , developing countries may export goods duty-free to the United States if they ________.

• A) demonstrate progress toward protecting the natural environment
• B) demonstrate progress toward improving the rights of their workers
• C) agree to exempt U.S. imports from local content rules
• D) belong to the World Trade Organization (WTO)
• E) refuse to participate in expropriation

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Definitions:

Utility Schedule

A table showing the different levels of utility or satisfaction derived from consuming varying amounts of a good or service.

Marginal Utility

The boost in satisfaction or usefulness one gets from consuming an extra unit of any good or service.

Total Utility

The total satisfaction or benefit that a consumer derives from consuming a certain quantity of goods or services.

Marginal Utility

The increase in satisfaction or value derived from the consumption of one more unit of a good or service.