The ________ is an international organization that sets rules of conduct for international commerce
A) International Trade Commission (ITC)
B) World Trade Organization (WTO)
C) International Trade Agreement (ITA)
D) World Bank
B
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Gross national product is defined as
A) the value of final goods and services produced by residents of the United States even if the production takes place outside of the United States. B) the value of final goods and services produced within the United States, by United States residents. C) the value of final goods and services produced outside of the United States. D) the value of final goods and services produced within the United States.
The tax multiplier is most likely to be larger than the expenditure multiplier when ________
A) monetary policy is at the zero lower bound B) rising inflation causes the real interest rate to decline C) when the change in tax revenue is large relative to the change in government purchases D) the expansionary fiscal policy is expected to be followed by higher taxes
The feature of preferences that "more is better"
a. is a logical consequence of transitivity b. is shared by most people, most of the time. c. implies that 5 apples will always be preferred to 4 oranges d. implies that 5 apples will always be preferred to 5 oranges e. means that, when dining, people always try to eat as much as they possibly can
Is variability in velocity more of a problem in high or low inflation countries? Explain.
What will be an ideal response?