The World Trade Organization (WTO):
A. sets tariffs to balance international trade among nations.
B. is the successor to NAFTA.
C. hears and rules on trade disputes between nations.
D. sets exchange rates to balance international trade among nations.
C. hears and rules on trade disputes between nations.
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Which of the following would NOT reduce the natural rate of unemployment?
A) a tax cut B) an increase in government expenditures C) wage or price controls D) all of the above
A large timber farm supplies large building contractors with plywood and stick lumber. The managers of the timber farm have noticed that the demand for their timber tends to fluctuate with long-term business cycles and short-term changes in their timber production lead to sharp increases in their marginal cost. With this information, it is likely that ________-term forecasts are more valuable to
the managers of the timber farm and the cost of ________-term forecasts are likely to exceed their benefit. A) short; extended B) short; long C) long; short D) long; extend
Resources are used only in the production of goods, not services
a. True b. False
According to Baumol and Blinder, from the demand side an increase in the price level causes aggregate expenditures to
a. fall, resulting in a lower level of equilibrium income. b. fall, resulting in a higher level of equilibrium income. c. rise, resulting in a higher level of equilibrium income. d. rise, resulting in a lower level of equilibrium income.