Which round of GATT led to the formation of the WTO?
What will be an ideal response?
The Uruguay Round
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The financial crisis of 2008 was triggered by:
A. a speculative bubble in the U.S. housing market. B. austerity measures introduced by the U.S. government to reduce the federal deficit. C. increased trade with China. D. the economic integration of the European Union.
Refer to the scenario above. If the cost of advertising is negligible, what will the outcome of this game be?
A) Company A will advertise its products while Company B will not advertise. B) Company B will advertise while Company A will not advertise. C) Both the companies will advertise their products. D) Neither of the companies will advertise its products.
If the short run elasticity of demand for widgets is 0.7 and the long run elasticity of demand for widgets is 1.5, a decrease in price will ____ total revenue in the short run and ____ total revenue in the long run. a. Increase; increase
b. Increase; decrease. c. Decrease; increase. d. Decrease; decrease.
According to the misperceptions theory, short-lived shocks may have long-term effects on the economy because of
A. accelerator effects. B. propagation mechanisms. C. multiplier effects. D. automatic stabilizers.