Which of the following words best reflects the initial attitude of less-developed countries toward GATT?
a. grateful, because it provided them with subsidies
b. proud, because it recognized the special status they had in world trade
c. unknowing, because it started out as a secret organization
d. annoyed, because they saw it as a rich man's club
e. terrified, because it seemed as if it was designed to reimpose colonialism
D
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Which of the following would be most likely to encourage households to save a greater proportion of their income?
a. a reduction in the sales tax rate b. an increase in the capital gains tax rate c. an elimination of tariffs (taxes on imported goods) d. changing to a flat income tax (with a single tax rate charged on all income) e. changing from an income tax to a consumption tax
Which of the following is a way to compute GDP?
a. add up the wages paid to all workers
b. add up the quantities of all final goods and services
c. add up the market values of all final goods and services
d. add up the difference between the market values of all final goods and services and then subtract the costs of producing those goods and services
Answer the next question on the basis of the following consolidated balance sheet for the commercial banking system. Assume the required reserve ratio is 30 percent. All figures are in billions.AssetsLiabilities & Net WorthReserves$51 Checkable Deposits$140Loans109 Stock Shares130Securities100 Property10?Refer to the above data. If the commercial banking system actually loans the maximum amount it is able to lend:
A. excess reserves will be $2.6 billion. B. excess reserves will fall to $1.7 billion. C. excess reserves will be reduced to zero. D. reserves and deposits equal to that amount will be gained.
Average variable cost for an information product would
A. increase constantly as quantity increases. B. first decrease and then increase as quantity increases. C. remain constant as quantity increases. D. decrease constantly as quantity increases.