Answer the following statements true (T) or false (F)
1. Historically, the international trade policies of the United States favored many import restrictions until the early 1930's.
2. The Hawley-Smoot Tariff Act of 1930 promoted free trade by calling for tariff reductions in excess of 30 percent on agricultural products.
3. The Export-Import Bank is owned by 150 nations, including the United States.
4. Chile has been invited to join the European Union.
5. The Uruguay round of GATT negotiations was encumbered by strong disagreements over reducing domestic support of agriculture and subsidies of agricultural exports.
1. TRUE
2. FALSE
3. FALSE
4. FALSE
5. TRUE
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Currently, the supply curve for human organs is perfectly inelastic
a. True b. False Indicate whether the statement is true or false
If real GDP doubles in 35 years, its average annual growth rate is approximately:
A. 1%. B. 2%. C. 3%. D. 4%.
The level of total spending is the immediate determinant of the:
A. ratio of private to public goods production. B. level of real output and employment. C. inflation rate. D. size of the labor force.
Graphically illustrate and explain the effects of an increase in the rate of technological progress on the Solow growth model. In your answer, you must clearly label all curves and the initial and final equilibria. In your answer, explain what happens to the rate of growth of output per worker and the rate of growth of output as the economy adjusts to this increase in the rate of technological
progress. What will be an ideal response?