In 1995, the General Agreement on Tariffs and Trade (GATT) was replaced by the World Trade Organization (WTO)
Indicate whether the statement is true or false
TRUE
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What is meant by a preference reversal?
What will be an ideal response?
An oligopoly:
a. and monopolistically competitive market produce less and charge higher prices than if their markets were perfectly competitive. b. is characterized by mutual interdependence of pricing decisions. c. may be characterized by a kinked demand curve. d. all of these.
Which of the following statements best describes the outcome of a change in demand?
a. A change in the demand of a good never causes the demand curve for that good to shift. b. A change in the demand of a good never causes the demand or supply curve for that good to shift. c. A change in the demand of a good never causes the supply curve for that good to shift. d. A change in the demand of a good causes the demand and supply curves for that good to shift.
As the Fed increased the volume of loans to financial institutions in response to the 2008 financial crisis, this resulted in
a. a vast increase in the monetary base and the excess reserves of the commercial banking system. b. a substantial increase in short term interest rates. c. a sharp decrease in the monetary base and a contraction in the excess reserves of the commercial banking system. d. an increase in the volume of loans extended by commercial banks and a sharp increase in the inflation rate.