The General Agreement on Tariffs and Trade (GATT)
A. Encourages trade restrictions.
B. Established the European Common Market.
C. Has now eliminated all nontariff barriers to trade.
D. Committed GATT members to a reduction of protectionism.
Answer: D
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Which of the following implies that a model is an approximation?
A) The model is not based on any assumption. B) The predictions of the model are mostly wrong. C) The predictions of the model will hold in most cases but not all. D) The predictions of the model cannot be tested with data.
When an economy produces more houses and fewer typewriters, it is answering the ________ part of one of the two big economic questions
A) "what" B) "how" C) "where" D) "for whom"
Since housing generally represents a large part of most household budget, the elasticity of demand for housing is likely to be large.
Answer the following statement true (T) or false (F)
If the banking sector borrows internationally and lends locally, how does this intensify a financial crisis?
What will be an ideal response?