Proposals for bilateral reduction of tariffs in the U.S. and Canada have been developed through
A. SDR.
B. UNESCO.
C. GATT.
D. NAFTA.
Answer: D
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Scarcity and shortages differ in that
A) scarcity is caused by natural disasters and shortages are caused by mistakes people make. B) scarcity is a condition of human life while shortages are usually temporary phenomena related to an imbalance between the amount desired and the amount produced. C) scarcity is a type of shortage but shortage is a broader concept. D) shortages apply to resource markets while scarcity applies to product markets.
When the United States ran large budget deficits during 2001-2011,
a. private investment was strong and consumer expenditures declined as a percentage of GDP. b. private investment was weak and consumption increased as a share of GDP. c. the trade deficit of the United States shrank, indicating that borrowing from foreigners was declining. d. the deficits were financed exclusively through borrowing from domestic sources.
If Rosa is willing to pay $450 for hockey tickets and has consumer surplus of $175, the price of the tickets is $625
a. True b. False Indicate whether the statement is true or false
The U.S. federal government finances budget deficits by
a. selling stock, much like a corporation. b. printing additional currency. c. borrowing from the public. d. raising property taxes.