Mutual recognition of standards refers to
A) the elimination of tariffs and quotas by trading partners.
B) common product safety, environment, labor, and fair competition standards agreed upon by trading partners.
C) the acceptance or keeping of a trading partner's standards as valid and sufficient by another trading partner.
D) separate standards held by different trading partners which other partners refuse to recognize.
C
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Insurance works best in situations where there is
a. a high probability of a small loss. b. a low probability of a small loss. c. a high probability of a large loss. d. a low probability of a large loss. e. the level of probability and the size of the loss are irrelevant.
Long-term bonds are
a. riskier than short-term bonds, and so interest rates on long-term bonds are usually lower than interest rates on short-term bonds. b. riskier than short-term bonds, and so interest rates on long-term bonds are usually higher than interest rates on short-term bonds. c. less risky than short-term bonds, and so interest rates on long-term bonds are usually lower than interest rates on short-term bonds. d. less risky than short-term bonds, and so interest rates on long-term bonds are usually higher than interest rates on short-term bonds.
Refer to the graph below.
If the production possibility curve shifts along the Good Y axis, which point will remain as a point of efficiency?
A. A B. B C. C D. D
Suppose the banking system has $100,000 in outstanding deposits and actual reserves of $35,000. If the required reserve ratio is 20 percent, the maximum amount the banking system can add to the money supply is:
A. $175,000. B. $500,000. C. $75,000. D. $15,000.