A major goal of the World Trade Organization is to:
A. Increase the protection of producers against foreign trade competition
B. Encourage bilateral trade agreements between nations
C. Liberalize international trade among nations
D. Maximize tariff revenue for governments
C. Liberalize international trade among nations
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The deregulation of U.S. banking in the 1980s led to: a. increased profits at all banks
b. no change in banks' conduct. c. more bank failures than in the 1930s. d. the insolvency and collapse of many banks as they began to hold riskier assets. e. the end of FDIC insurance for banks that held risky assets.
The Capper-Volstead Act of 1922
A) plugged loopholes in the Sherman Antitrust Act of 1890. B) was the principal legislation exempting cooperatives from antitrust laws. C) reinforced antitrust laws regarding livestock marketing. D) all of the above
The rational expectations hypothesis states that
A. people understand how the economy operates and use their knowledge in making expectations about the future, but are uninformed about how fiscal and monetary policies are made and carried out. B. people combine the effects of past policy changes on important economic variables with their own judgments about the future effects of current and future policy changes. C. people combine the effect of past policy changes on important economic variables with unpredictable views on what policy makers will do to determine what the economy will do in the future. D. the government combines the effects of past policy changes on important economic variables with accepted views about the effects of current and future policy changes.
In the short run equilibrium, a monopolist's profits:
A. May be positive, negative, or zero B. Are positive because of the monopolist's market power C. Are positive if the product's elasticity of demand is less than 1 D. Are positive if the product's elasticity of demand is greater than 1