As a result of GATT, tariff rates in developed countries have decreased from 40 percent in 1948 to less than 4 percent today.
Answer the following statement true (T) or false (F)
True
The fact that tariffs have decreased from 40 percent in 1948 to 4 percent today shows the success of GATT and other trade forums at reducing protectionism.
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The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
The concept of externalities means that subsidizing education can be justified on the grounds that as a student becomes better educated, the student will
A) earn a higher income. B) enhance the lives of people around the student. C) make contributions to the student's alma mater. D) none of the above
Sylvia wants to expand her taxidermy business and is going to use profits from the business to do so. This is an example of using ________ for her expansion
A) retained earnings B) direct finance C) dividends D) indirect finance
When the interest rate increases, people will adjust their precautionary demand for money
A. downward. B. not at all. C. upward. D. downward or upward depending upon the actual supply of money.