Answer the following questions true (T) or false (F)
1. The General Agreement on Tariffs and Trade (GATT) was formed to replace the World Trade Organization (WTO) because the WTO was empowered only to reduce barriers to trade in goods. The GATT is an agreement to reduce barriers to trade in goods, services, and intellectual property.
2. In 1995, the General Agreement on Tariffs and Trade (GATT) was replaced by the World Trade Organization (WTO).
3. Globalization is the process of countries imposing trade restrictions on other countries.
1. FALSE
2. TRUE
3. FALSE
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The U.S. government provides monthly payments to retired workers under which program?
A) the Old Age, Survivors, Disability and Health Insurance (OASDHI) B) the Temporary Assistance for Needy Households (TANF) C) the Supplementary Security Income (SSI) D) a series of income tax rebates
A __________ good is one that once produced and provided to one person, provides benefits to other persons.
A. consumption B. investment C. private D. public
Discount lending ties into the Fed's function of:
A. regulation of banking. B. open market operations. C. lender of last resort. D. the government's bank.
A demand curve
A) slopes down because of the inverse relationship between price and quantity demanded. B) slopes up because of the direct relationship between price and quantity demanded. C) can slope up or down depending on the tastes of the consumer. D) is vertical for necessities, upward sloping for luxury goods, and downward sloping for all other goods.