The international agreement signed in 1947 to promote world trade by reducing tariffs and other barriers to international trade was called
A) GATT.
B) NAFTA.
C) WTO.
D) Bretton-Woods agreement.
A
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According to the classical model, investment
A) is a function of the nominal GDP. B) is inversely related to the interest rate. C) is a function of real GDP. D) is influenced by the money illusion at low income levels.
In the above figure, as Brendan's income rises his consumption bundle moves from point A to point B. This implies that for Brendan, compact discs are ________ good and haircuts are ________ good
A) a normal; an inferior B) a normal; a normal C) an inferior; an inferior D) an inferior; a normal
Expansionary monetary policy increases the quantity of loans in an economy
a. True b. False Indicate whether the statement is true or false
In conducting their research, economists often substitute historical events and historical episodes for
a. theories and observations. b. laboratory experiments. c. models. d. assumptions.