Which of the following was one of the most important achievements of the Uruguay Round of trade talks?
A) The creation of the WTO.
B) The creation of the IMF.
C) The creation of the World Bank.
D) The creation of the GATT organization for international trade.
A
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If the opportunity costs of production for two goods is different between two countries, then
A) only one country can be made better off by trade. B) trade will only benefit both countries if one can lower its opportunity costs. C) trade cannot benefit either country. D) mutually beneficial trade is possible.
Suppose we observe the price level increasing and real GDP decreasing. An explanation for this is that
A) the dollar weakened and the effect on aggregate supply was less than the effect on aggregate demand. B) the dollar weakened and the effect on aggregate supply was greater than the effect on aggregate demand. C) the dollar strengthened and the effect on aggregate supply was less than the effect on aggregate demand. D) the dollar strengthened and the effect on aggregate supply was greater than the effect on aggregate demand.
Government regulators might suspect a firm of engaging in predatory pricing if it charges prices that seem to be too __________
Fill in the blank(s) with correct word
The idea that people will not consciously make decisions that make them worse off is known as
A) rationality assumption. B) the decision duality. C) Adam Smith's doctrine. D) incentive assumption.