The international organization that replaced the General Agreement on Tariffs and Trade (GATT) is the
a. World Bank.
b. Export-Import Bank.
c. World Trade Organization.
d. International Monetary Fund.
c. World Trade Organization.
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
When the Condorcet system of voting is used, there is always a Condorcet winner
Indicate whether the statement is true or false
The proposition of monetary neutrality states that changes in the money supply have:
A) no impact on output in the short run B) no impact on output in the long run C) no impact on the price level in the short run D) no impact on the price level in the long run
One of the most crucial ideas in macroeconomics is understanding that:
A. measuring total expenditures or total income both equal total production of an economy. B. GNP is the most commonly used measurement of total production. C. prolonging economic downturns can be prolonged by fiscal policy. D. zero unemployment is the best way to achieve economic growth.