In 2009, the U.S. economy was experiencing a(n)
A. recessionary gap.
B. inflationary gap.
C. balance of trade deficit.
D. hyperinflation.
Answer: A
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Firms in a cartel have an incentive to cheat on the cartel agreement because they suspect the other firms are cheating as well.
Answer the following statement true (T) or false (F)
The successor to GATT in 1995 is
A) the World Agreement on Tariff and Trade. B) the World Trade Organization. C) the World Trade Agreement. D) the World Trade and Tariff Organization.
A decrease in disposable income will
a. lead to an upward movement along the consumption function. b. lead to a downward movement along the consumption function. c. shift the consumption function upward. d. shift the consumption function downward.
If the United States exports 6 million bushels of corn to Japan and thereby earns income with which it imports 3 million digital video recorders from Japan, the United States' terms of trade with Japan for corn and digital video recorders is 2:1.
a. true b. false