What multinational institution was created by the Uruguay Round Agreements and replaced the GATT?
A) WTO B) European Union C) NAFTA D) None of the above
Answer: A
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Assume a simplified banking system subject to a 25 percent required reserve ratio. If there is an initial increase in excess reserves of $100,000 . the money supply:
a. increases $100,000 b. increases $400,000. c. increases $125,000 d. decreases $500,000.
Money values indexed to a given period are known as
A. nominal. B. real. C. inverse. D. random.
The significant increases in oil prices during the late 2000s was an example of
A. an aggregate supply shock that reduced the price level and increased the rate of growth of real Gross Domestic Product (GDP). B. an aggregate demand shock that increased the price level and increased the rate of growth of real Gross Domestic Product (GDP). C. an aggregate supply shock that increased the price level and reduced the rate of growth of real Gross Domestic Product (GDP). D. an aggregate demand shock that reduced the price level and reduced the rate of growth of real Gross Domestic Product (GDP).
The breakfast cereal industry has a four-firm concentration ratio of 80 percent. Is this enough information to classify the industry as an oligopoly? Is a high concentration ratio evidence that an industry is not competitive?
What will be an ideal response?