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
The General Agreement on Tariffs 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.
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Refer to Table 19-18. What is the GDP deflator in 2011 if 2016 is the base year?
A) 187 B) 87 C) 8.7 D) 0.87
In the basic 45-degree line model, what is the effect of a decrease in the price level?
a. The expenditure line will shift downward. b. The expenditure line will shift upward. c. There will be movement to the left on the expenditure line. d. There will be movement to the right on the expenditure line.
Refer to the profits-payoff table for a duopoly. If the firms are acting independently and firm X sets its price at $6, firm Y will achieve the largest profit by selecting:
A. a price higher than $6.
B. a price between $5 and $6.
C. $6.
D. $4.
A Nash equilibrium is
A) reached when an oligopoly's market demand and supply intersect. B) reached when each player chooses the best strategy for himself and for the group. C) an equilibrium comprising non-dominant strategies only. D) reached when each player chooses the best strategy for himself, given the other strategies chosen by the other players in the group.