The international agreement signed in 1947 to promote world trade by reducing tariffs and other barriers to international trade was called
A. WTO.
B. Bretton-Woods agreement.
C. GATT.
D. NAFTA.
Answer: C
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The federal budget is defined as
A) an annual statement of expenditures and tax revenues of the U.S. government. B) a monthly statement of whether the U.S. government is in deficit or surplus. C) a monthly statement of expenditure laws passed by the U.S. government. D) an annual statement of what policy actions the U.S. government has pursued. E) an annual statement of U.S. government violations of international laws.
International feedback effects ________________ the impact on the unemployment rate of __________________ monetary policy
A) dampen; only expansionary B) dampen; expansionary and contractionary C) amplify; only contractionary D) amplify; contractionary and expansionary
Based on the following graph, at point C,
The consumer's income is $600.
A. MRS is less than 2.5. B. MRS is greater than 1.25. C. MRS is greater than 2. D. MRS is less than 0.4.
According to the neoclassical model, what would not result from the government levying a tax on firms for each worker the firm lays off?
A. Moral hazard would encourage workers to not work as hard as before. B. Firms would be less likely to lay off workers. C. The long-run unemployment rate would decrease. D. Unemployed workers would remain unemployed for longer periods of time. E. Firms would be less likely to hire workers.