The principal objective of GATT is to
a. reduce the level of all tariffs
b. establish fair prices for all goods traded internationally
c. act as the world's police officer to prevent dumping
d. prevent the trading of services across nations' borders
e. encourage countries to establish quotas
A
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When the interest rate decreases, the opportunity cost of holding money
a. increases, so the quantity of money demanded increases. b. increases, so the quantity of money demanded decreases. c. decreases, so the quantity of money demanded increases. d. decreases, so the quantity of money demanded decreases.
Before entry into an industry, a profit-maximizing decision maker will compare the expected market price with the expected
a. long-run average total cost. b. short-run marginal cost. c. long-run average variable cost. d. short-run average total cost.
Economists view free trade as a way to raise living standards both at home and abroad
a. True b. False Indicate whether the statement is true or false
Exhibit 4-6 Demand and supply curves
In Exhibit 4-6, the demand curve has shifted from D1 to D2 and, simultaneously, the supply curve has shifted from S1 to S2. Describe these actions in this market.
A. Market supply has decreased, and market demand has increased. B. Market supply has increased, and market demand has decreased. C. Market supply has decreased, and market demand has decreased. D. Market supply has increased, and market demand has increased.