The Uruguay Round of GATT negotiations completed in late 1993:
A. established a free trade zone between the United States and Mexico.
B. made the Russian ruble convertible into other currencies.
C. created the European Union (EU).
D. created international protections for intellectual property such as patents, copyrights, and trademarks.
D. created international protections for intellectual property such as patents, copyrights, and trademarks.
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If the required reserve ratio is 10 percent, currency in circulation is $1,200 billion, checkable deposits are $1,600 billion, and excess reserves total $2,500 billion, then the M1 money multiplier is
A) 2.5. B) 1.7. C) 7.3. D) 0.73.
Food stamps and Medicaid are examples of
a. money transfers b. resource earnings c. in-kind transfers d. tax expenditures e. capital gains
Playing the equilibrium of a one-stage game over and over again when the one-stage game is repeated is:
A. always a Nash equilibrium. B. dominated in some cases. C. weakly dominated in some cases. D. a mixed-strategy equilibrium.
Economic profit always equals
a. zero for a perfect competitor b. zero for a monopolist c. total revenue – total cost d. total revenue – explicit costs e. total revenue – implicit costs