The successor organization to GATT that handles trade disputes among its member nations is the
A) World Trade Organization.
B) European Union.
C) General Agreement on Tariffs and Trade.
D) North American Free Trade Agreement.
Answer: A
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Countries with surpluses in their balance of payments frequently do not want to see their currencies ________ because it makes their goods ________ expensive abroad
A) appreciate; less B) appreciate; more C) depreciate; less D) depreciate; more
In the Solow model, if k = 8, y = 20, and s = 0.2, what is c?
A) 24 B) 20 C) 16 D) 12
The slope of the consumption function can be determined by dividing the change in
a. real consumption spending by the change in real disposable income b. nominal spending by the change in nominal disposable income c. real disposable income by the change in real consumption spending d. nominal disposable income by the change in nominal consumption spending e. total consumption spending by the change in autonomous consumption spending
Which of the following statements describes a difference between the short run and the long run?
A) The law of diminishing returns is an issue in the long run but not in the short run. B) All resources are fixed in the short run, and all resources are variable in the long run. C) Some resources are fixed in the short run, and all resources are variable in the long run. D) Variable costs are more important for decision making in the short run than in the long run.