An international agreement established in 1947 to further world trade by reducing barriers and tariffs is the
A) World Trade Organization.
B) European Union.
C) General Agreement on Tariffs and Trade.
D) North American Free Trade Agreement.
Answer: C
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According to the U.S. balance of payments accounts in 2012, U.S. international borrowing is used for
A) private saving and public consumption. B) private and public investment. C) private consumption. D) private and public saving. E) government expenditure.
Federal individual income taxes illustrate the ability-to-pay principle of taxation
a. True b. False
A risky borrower can pay a lower interest rate if:
a. she invests the amount in a profitable business. b. she can assure the lender of a low inflation rate. c. she makes a promise to repay within a short interval. d. she can arrange for a collateral.
Refer to the information provided in Table 23.10 below to answer the question(s) that follow. Table 23.10
Refer to Table 23.10. Which of the following statements is false?
A. If aggregate output equals $2,000 million, then aggregate saving equals $700 million. B. At an output level of $3,600 million, there is a $200 million unplanned inventory increase. C. At an output level $2,000, there is a $200 million unplanned inventory decrease. D. The MPC for this economy is 0.75.