Which of the following statements is correct?
A. GATT provides short-term loans of foreign currencies to nations faced with temporary balance of payments difficulties
B. The "most-favored-nation" clause in reciprocal trade agreements means that any tariff reduction granted one specific nation will automatically apply to most other nations
C. During the Great Depression the flow of trade was stimulated by mutual reductions in tariffs and import quotas among leading trade nations
D. The Smoot-Hawley Tariff Act exempted American exporters from the Sherman Antitrust Act
B. The "most-favored-nation" clause in reciprocal trade agreements means that any tariff reduction granted one specific nation will automatically apply to most other nations
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Which of the following areas employed more workers as of 2016?
A. Educational and health services B. Business and professional services C. Retail trade D. Manufacturing companies
A sunk cost has no effect on supply because it
A) applies to all suppliers. B) can be passed on to consumers. C) cannot be avoided by not supplying. D) cannot be passed on to consumers. E) did not have to be incurred in order for the good to be supplied.
The above figure depicts an economy
A) with an inflationary gap. B) with a recessionary gap. C) producing at full employment. D) None of the above answers is correct.
Which of the following firms is not able to practice price discrimination?
A) commercial airlines B) the largest wheat farmer in Nebraska C) land-line telephone companies D) movie theaters