The WTO authorized several countries to impose about $150 million in trade sanctions against the United States in retaliation for a U.S. import law that the WTO ruled to be illegal. The organization that issued this ruling against the United States is known as the:
A. Wealth Technology Order.
B. Wage Tariff Objective.
C. Welfare Tax Order.
D. World Trade Organization.
Answer: D
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A rise in the income tax rate will
A) raise the multiplier and raise equilibrium income. B) lower the multiplier and raise equilibrium income. C) raise the multiplier and lower equilibrium income. D) lower the multiplier and lower equilibrium income.
Competitive firms earn zero profit in the long run when
A) entry is completely free. B) entry is limited. C) Both A and B. D) Neither A nor B.
"Every major contraction in the U.S. economy has either been created or greatly exacerbated by monetary instability. Every major inflation has been caused by monetary expansion." Which of the following economists made this statement?
a. Adam Smith b. John Maynard Keynes c. Milton Friedman d. Paul Samuelson
The invisible hand principle indicates that when individuals are directed by prices determined in competitive markets, their actions will tend to promote the efficient use of resources
What will be an ideal response?