Answer the following statements true (T) or false (F)
1) During the Great Depression, most nations lowered tariffs and abolished import quotas to
encourage the flow of trade.
2) Barriers to free trade impair efficiency in the international allocation of resources.
3) The World Trade Organization is comprised of 28 European nations and dedicated to
abolishing trade barriers and integrating their economies.
4) The World Trade Organization (WTO) is an international organization designed to provide
short-term advances of foreign monies to those nations faced with trade deficits.
1) F
2) T
3) F
4) F
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The short-run aggregate supply curve in modern Keynesian analysis is
A) downward sloping. B) horizontal. C) vertical. D) upward sloping.
Which of the following helps to explain the high savings rate in Singapore?
A) employer contributions for workers under the age of 50 B) the lack of a Social Security system like the one in the United States C) government policy D) all of the above
All games share three characteristics. Two of these characteristics are rule and strategies. What is the third characteristic called?
A) payoffs B) competition C) collusion D) results
Suppose that the demand for movie tickets is price inelastic for the range of prices between $10 and $12. If a movie theater raises the price of tickets from $10 to $12, what will happen to total revenues?
A) Total revenues will decrease. B) Total revenues will increase. C) Total revenues will not change. D) Total revenues will have no relationship to the quantity of ties demanded.