Which of the following is true of the General Agreement on Tariffs and Trade (GATT)?
a. It is now called the World Agreement on Trade and Tariffs.
b. It was the global trade agreement that did away with the gold standard.
c. It was a policy of the United States to raise tariffs on imported sugar.
d. It was the first global trade agreement that followed World War II.
e. It was a global trade agreement to raise tariffs.
d
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Bag of chips and bottles of salsa are perfect complements for consumer who eats only chips and salsa, but a bottle of salsa costs $1 more than a bag of chips. The income effect of a 50 cent increase in the price of a bag of chips will be fore the consumer to eat fewer chips and less salsa.
Answer the following statement true (T) or false (F)
All railroads were private enterprises with no government influence
Indicate whether the statement is true or false
The ceteris paribus assumption means
A) favors are returned in kind. B) this is the proof of the matter. C) from many, one. D) other things are equal.
When a tax is levied on buyers of tea,
a. buyers of tea and sellers of tea both are made worse off. b. buyers of tea are made worse off, and the well-being of sellers is unaffected. c. buyers of tea are made worse off, and sellers of tea are made better off. d. the well-being of both buyers of tea and sellers of tea is unaffected.