The General Agreement on Tariffs and Trade is an international agreement
A) that outlaws all tariffs but permits quotas.
B) to encourage world trade by lowering tariffs and other trade barriers.
C) to encourage world trade by lending resources to developing countries.
D) between the United States and Japan that has never been ratified, resulting in several trade wars with Japan.
Answer: B
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Suppose that real GDP grows by 3 percent a year, the quantity of money grows 5 percent a year, and velocity does not change. In the long run, the inflation rate equals
A) 3 percent. B) 5 percent. C) 8 percent. D) 10 percent. E) 2 percent.
What is the relationship between actual and potential real GDP?
What will be an ideal response?
Economists consider the effects of free trade on income distribution to be ________ important than the effects on overall welfare because ________
A) less; those who are harmed can be compensated by those who gain B) more; those who are harmed are not compensated by those who gain C) less; the effects on income distribution are minor and inconsequential D) more; the effects on income distribution are major and consequential E) less; the wealthy benefit and only the poor lose
Less than 13 percent of U.S. workers belong to unions.
Answer the following statement true (T) or false (F)