The WTO replaced the GATT in
A) 1900.
B) 1945.
C) 1960.
D) 1995.
D
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All of the following explain why purchasing power parity does not completely explain long-run fluctuations in exchange rates except
A) some countries impose barriers to trade. B) not all goods and services produced in any country are traded internationally. C) most countries have free markets with little, if any, government regulation. D) consumer preferences for goods and services differ across countries.
If a consumer increases her quantity of ice cream consumed by 100% when her income rises by 25%, then her income elasticity of demand for ice cream is
A) 8.0. B) 4.0. C) .25. D) .08.
The U.N.'s Millennium Aid Goal is to raise foreign aid levels to ________ percent of donor country GDP.
A. 0.4 B. 10.0 C. 15.0 D. 0.7
The pricing strategy in which one firm is allowed by its rivals to establish the market price for all firms in the market is called
A. Overt collusion. B. Price-fixing. C. Pattern pricing. D. Price leadership.