Under the GATT framework, nations negotiated for up to six years, resulting in new trade agreements. These are known as:
a. conferee sessions.
b. plenary meetings.
c. sesquisessions.
d. rounds.
Ans: d. rounds.
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The recession of the early 1990s, which followed a period of sustained prosperity, can best be explained as resulting from
a. cost-push inflation b. a decrease in aggregate demand c. a decrease in aggregate supply d. stagflation e. too many speculative real estate deals
A recessionary gap causes national debt to increase because
a. the growth in GDP slows. b. interest on previously incurred debt must be paid. c. recessionary periods require huge buildups of defense materials. d. income tax receipts drop off markedly.
A central bank can reduce inflation by reducing money supply growth, but it necessarily does so at the cost of permanently raising the unemployment rate
a. True b. False Indicate whether the statement is true or false
In economic analysis marginal analysis is used to:
a. make an either-or decision. b. determine which costs are sunk costs. c. decide how much of something is the optimal amount. d. convince others that the costs of a certain activity do not matter