The General Agreement on Tariffs and Trade is an international agreement
A. to establish the North American continent as a free trade area.
B. to encourage world trade by lowering tariffs and other trade barriers.
C. to make all tariffs illegal.
D. to encourage peaceful settlements of trade disputes, but has no particular point of view about the desirability of higher or lower tariffs.
Answer: B
You might also like to view...
The long-run aggregate supply curve will shift outward to the right when
A) the price level decreases. B) the real-balance effect increases. C) there is economic growth. D) the amount of labor decreases.
M3 is an example of a Federal Reserve
A) directive. B) tool. C) intermediate target. D) operating target.
Mamma's Honey sells locally produced raw honey at an equilibrium price of $12 a jar and an equilibrium quantity of 200 jars. Which of the following is most likely to be true if the government begins to pay a $3-per-jar subsidy to the seller? a. The price paid by buyers will increase
b. The price received by sellers will decrease. c. The quantity demanded by buyers will decrease. d. Total surplus will decrease.
Contractionary fiscal policy to prevent real GDP from rising above potential real GDP would cause the inflation rate to be ________ and real GDP to be ________
A) higher; higher B) higher; lower C) lower; higher D) lower; lower