About two-thirds of the reduction in tariffs in the past 20 years comes from:
A. specific funding directed at encouraging trade through subsidies by the World Bank.
B. the work of the WTO, World Trade Organization.
C. reforms by national governments changing their own policies or making agreements with each other.
D. None of these statements is true.
Answer: C
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When a celebrity has the desire to have his image protected following his death, this is best described as an example of the protection of
A) a patent. B) intellectual property. C) an invention. D) a trademark.
The supply-side effects of a reduction in taxes are the result of
a. increases in the disposable income of households accompanying reductions in tax rates. b. the stimulus effects of increases in government expenditures. c. increased attractiveness of productive activity relative to leisure and tax avoidance. d. reductions in interest rates that generally accompany expansionary fiscal policy.
If there are no excess reserves in the banking system and the Fed lowers the required reserve ratio, it follows that banks will now have __________, which they can use to extend loans and create new __________
A) positive excess reserves; checkable deposits B) negative excess reserves; currency C) positive excess reserves; currency D) more vault cash; checkable deposits E) none of the above
If the number of firms in a monopolistically competitive industry increases and the degree of product differentiation diminishes:
A. the likelihood of realizing economic profits in the long run would be enhanced. B. individual firms would now be operating at outputs where their average total costs would be higher. C. the industry would more closely approximate pure competition. D. the likelihood of collusive pricing would increase.