The General Agreement on ___________ and Trade (GATT) was established to provide a forum in which nations could come together to negotiate reductions in tariffs and other barriers to trade.
a. Travel
b. Taxes
c. Tariffs
d. Transfers
c. Tariffs
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Government expenditures on goods and services include
i. the New York City Library's purchase of new books. ii. Washington D.C.'s purchase of gas for its city buses. iii. California's payment of wages to prison guards. A) i and ii B) i and iii C) i, ii and iii D) i only E) ii and iii
In 2015, the average height of adult males in the United States was
A) 5' 7.0". B) 5' 9.5". C) 6' 0.0". D) 6' 4.75".
The purpose of making assumptions in economic model building is to
A) force the model to yield the correct answer. B) minimize the amount of work an economist must do. C) simplify the model while keeping important details. D) express the relationship mathematically.
Rational choice requires that opportunity cost be
A. ignored in making a decision. B. considered for individual choices but not for societal choices. C. computed but not actually used in making a decision. D. considered as part of making a decision. E. used as the sole decision criterion.