The World Trade Organization (WTO)
a. became, in 1995, the institutionalized and more comprehensive successor to the General Agreement on Tariffs and Trade (GATT)
b. was established in 1947 to reduce trade restrictions among 23 member countries
c. was established in 1980 to oppose and counteract the policies of the General Agreement on Tariffs and Trade (GATT)
d. meets in different countries every few years to analyze each country's trade policies and restrictions
e. was an international treaty that expired in 1990
A
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Suppose Cathy and Lewis work in a bakery making pies and cakes. Suppose it takes Cathy 1.5 hours to make a pie and 1 hour to make a cake, and suppose it takes Lewis 2 hours to make a pie and 1.5 hours to make a cake. Which of the following statements is correct?
A. Cathy has a comparative and absolute advantage in pies. B. Cathy has a comparative advantage in pies, and Lewis has an absolute advantage in pies. C. Lewis has a comparative and absolute advantage in pies. D. Lewis has a comparative advantage in pies, and Cathy has an absolute advantage in pies.
Which of the following statements is true?
a. Expected inflation rate = real interest rate - nominal interest rate. b. Nominal interest rate = real interest rate + expected inflation rate. c. Real interest rate = nominal interest rate + expected inflation rate. d. Nominal interest rate = real interest rate - expected inflation rate. e. Expected inflation rate = nominal interest rate + real interest rate.
International trade
A. Reduces the level of income for export industries. B. Benefits the domestic industries that compete with the imported products. C. Redistributes income from import-competing industries to export industries. D. Causes prices of products to rise because of the transportation costs.
The cost of offering safe versus risky jobs in the highway construction industry vary across firms. In the end, we would expect the market equilibrium to
A. have firms that face a high cost of offering safe jobs to pay the lowest wages. B. randomly match workers to jobs. C. have firms randomly choose their level of safety. D. match workers who dislike risk to the highest paying jobs. E. match workers who dislike risk to firms that find it cheapest to offer safe jobs.