The successor to GATT in 1995 is
A. the World Trade and Tariff Organization.
B. the World Trade Agreement.
C. the World Trade Organization.
D. the World Agreement on Tariff and Trade.
Answer: C
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Wasted capital and labor resources are a problem associated with a(n) ________ gap. Increased inflation is a problem associated with a(n) ________ gap.
A. recessionary; recessionary B. expansionary; expansionary C. recessionary; expansionary D. expansionary; recessionary
What is the marginal cost of the 5th unit?
a. $100 b. $105 c. $110 d. $115
After getting a raise at work, Jasper now regularly buys steak instead of chicken. Which factor of demand has influenced Jasper's demand for steak?
A. Price of a substitute good B. Price of a complementary good C. Income D. Preferences
Because of automatic stabilizers, in recessions the government budget deficit ________, while in expansions the deficit ________.
A. falls; rises B. rises; falls C. falls; falls D. rises; rises