How is the international economy qualitatively different in the first part of the 21st century from what it was like in the first part of the 20th century?
What will be an ideal response?
Since tariffs and quotas have been reduced (and would have been the common barriers in the past), now nations are addressing issues related to deeper levels of integration, which involve domestic policies such as labor or environmental standards or investment policies. Today there are multilateral international governmental organizations that address global economic issues where none existed then. There has been a significant increase in the number of regional trade agreements.
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According to the Taylor rule, if inflation equals 3 percent and there is an expansionary gap equal to 3 percent of potential output, the Fed will set a real interest rate of ________ percent and a nominal interest rate of ________ percent.
A. 4; 6 B. 1; 3 C. 1; 4 D. 4; 7
The above figure shows three different supply-and-demand graphs. Which graph best represents the market for workers at your nearest fast-food restaurant?
A) Graph A B) Graph B C) Graph C D) None of the above.
The market demand for a good is derived by summing all the individual demands
Indicate whether the statement is true or false
The monopolistically competitive seller maximizes profit by producing at the point where:
A. total revenue is at a maximum. B. average costs are at a minimum. C. marginal revenue equals marginal cost. D. price equals marginal revenue.