What was the General Agreement on Tariffs and Trade (GATT)?
What will be an ideal response?
GATT was an international forum among the 128 major trading nations of the world for negotiating multilateral reductions in trade barriers. This multilateral approach made the negotiating more efficient than the reciprocal approach because once the agreement was made it applied to all GATT nations.
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A decrease in the expected future domestic exchange rate causes the demand for domestic assets to ________ and the domestic currency to ________, everything else held constant
A) increase; appreciate B) increase; depreciate C) decrease; appreciate D) decrease; depreciate
The quantity of a good demanded tends to increase as its price falls because: a. a decrease in price shifts the demand curve to the right
b. a decrease in price shifts the demand curve to the left. c. a decrease in price shifts the supply curve to the right. d. a decrease in price leads consumers to substitute toward this now relatively cheaper product.
Higher per capita GNP always means higher quality of life
a. True b. False Indicate whether the statement is true or false
In the classical model, a falling demand for labor will
a. not cause unemployment because the labor market always clears b. cause a recession with lower employment and a lower real wage c. cause a recession with lower employment and an increasing real wage d. cause a recession with lower unemployment and a lower real wage e. cause a recession with higher employment and an increasing real wage