The General Agreement on Tariffs and Trade (GATT) was initiated in response to
a. in increase in exports of low-priced goods from developing countries to developed countries.
b. the replacement of manufacturing jobs with service jobs in developed countries.
c. economic dislocations caused by the North American Free Trade Agreement (NAFTA) in the 1990s.
d. high tariffs imposed during the Great Depression of the 1930s.
d
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A good in the U.S. costs $20 . The same good costs 150 pesos in Mexico. If the nominal exchange rate is 10 pesos per dollar, what is the real exchange rate?
a. 4/3 so the good is more expensive in the U.S. b. 4/3 so the good is more expensive in Mexico c. 3/4 so the good is more expensive in the U.S. d. 3/4 so the good is more expensive in Mexico
What has been the range of the decline in real output for U.S. recessions since 1950?
A. -10.0 percent to -14.9 percent B. -15.0 percent to -19.9 percent C. -5.0 percent to -9.9 percent D. -0.1 percent to -4.9 percent
When the dollar depreciates, the prices of imported inputs rise and the U.S. aggregate supply curve, therefore, shifts inward, pushing up the prices of American-made goods and services.
Answer the following statement true (T) or false (F)
Induced taxes are defined as taxes
A) that vary with real GDP. B) enacted by Congress that explicitly state the amount to be paid. C) we are forced to pay for services from the government. D) that rise in recessions and fall in expansions. E) that are avoided with the use of legal tax shelters.