The Framework Convention on Climate Change took place in
A) the 1973-1979 Tokyo Round.
B) the 1987-1993 Uruguay Round.
C) the 1997 Kyoto Protocol.
D) the 2001 Doha Round.
Answer: C
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Investment is defined as
A) the purchase of a stock or bond. B) the purchase of new capital goods by firms. C) spending on capital goods by governments. D) what consumers do with their savings. E) financial capital.
A 10 percent increase in income has caused a 5 percent decrease in the quantity demanded. The income elasticity is
A) 0.5. B) -0.5. C) 2.0. D) -2.0.
When a country's ability to maintain its fixed exchange rate is doubted by investors:
A. it may fall under a speculative attack. B. the exchange rate is likely to spiral upward, out of control. C. the value of its currency tends to appreciate too quickly. D. All of these statements are true.
The term scarcity in economics refers to the fact that:
a. No country can produce enough products to satisfy everybody's economic wants b. Even in the richest country some people go hungry c. Economic wants are limited and resources are abused d. It is impossible to produce too much of any particular good or service in a market economy