Answer the following statements true (T) or false (F)
1. An appreciation of its currency would tend to worsen the trade deficit of a nation.
2. Tariffs benefit the domestic producers, but hurt the consumers.
3. Tariffs and quotas benefit American consumers because they protect the market for domestic products.
4. One of the cardinal principles of the General Agreement on Tariffs and Trade was the need for bilateral negotiations for trade disputes.
5. The basic purpose of the World Trade Organization is to monitor the amount of trade between nations and issue a yearly report.
1. T
2. T
3. F
4. F
5. F
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If there is no Ricardo-Barro effect, an increase in the government budget surplus
A) increases the supply of loanable funds. B) decreases private saving. C) increases private saving. D) decreases the supply of loanable funds. E) has no effect on the demand for loanable funds, the supply of loanable funds, or the real interest rate.
The capture theory of regulation implies that
A) regulations promote the attainment of efficiency. B) regulations promote the attainment of economic profit. C) public officials favor voters over producers. D) the demand for regulation is less elastic than the supply.
In the late 1980s the U.S. government ran a succession of large budget ________ which resulted mainly in ________ crowding-out
A) deficits, domestic B) deficits, international C) surpluses, domestic D) surpluses, international
Games:
A. will always have a dominant strategy. B. are always zero sum. C. will always have several stable outcomes. D. None of the above are true.