The GATT's most-favored nation clause means that tariff reductions granted by a member of GATT to imports from one country
a. apply only to that country
b. are only extended to certain favored members of GATT
c. are extended to all other members of GATT
d. must be matched by equivalent quota reductions
e. are extended to all other countries of the world
C
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Sarah went to a store that sells used goods to buy a camera. She was looking at different models when the store manager asked her about the maximum price that she would pay
Because it was impossible to know the quality of the cameras, Sarah lowered her willingness to pay to $200, although she values a used camera of good quality at $300. If the seller values a camera of good quality at $250, what is most likely to happen in this case?
The quantity theory of money asserts that inflation is the result of growth in
A) the quantity of money. B) potential GDP. C) the natural rate of unemployment. D) money wage rates.
Typically, central banks increase the supply of money by ________
A) buying bonds from banks B) printing currency C) directing the government to issue more money to banks D) all of the above E) none of the above
Why does the Fed have imperfect control over the money supply over short periods?
a. Because of unpredictable changes in reserve requirements b. Because the public responds to open market operations in unpredictable fashions c. Because the Fed does not know how much reserves will change when it buys or sells securities d. Because of unpredictable changes in public desire to hold cash and banks' desires to hold reserves