The WTO (under the GATT agreement) provides that nations may enter into regional trade agreements as long as they:
a. limit such agreements to one.
b. extend the provisions to all other nations in the WTO.
c. do not jointly increase tariffs against outside countries.
d. make sure they include smaller nations in their regions.
Ans: c. do not jointly increase tariffs against outside countries.
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If the exchange rate rises, the quantity of dollars supplied
A) decreases, and there is movement down along the supply curve. B) increases, and there is movement up along the supply curve of dollars. C) increases with movement down along the supply curve. D) does not change. E) increases, and there is movement down along the supply curve.
The short-run aggregate supply curve is ________ and the long-run aggregate supply curve is _________.
A. upward sloping; horizontal B. vertical; upward sloping C. vertical; horizontal D. upward sloping; vertical E. none of the above
Which of the following is most likely an inferior good?
a. an antique car b. gasoline c. a bus ticket d. an airline ticket
Which of the following is most important for the achievement of higher income levels and living standards?
A) an increase in total employment B) restriction of imports that expand employment in the protected industries C) production of additional goods and services that people value highly relative to the cost of their production D) increases in government spending that create jobs