The World Trade Organization (WTO) ruled that U.S. regulations on the fuel economy of cars sold by each manufacturer
A. violated the WTO rules because the imported automobiles were treated differently from domestic autos.
B. were a permissible reaction to similar regulations imposed by the Japanese government on the automobiles imported from the United States.
C. were permissible under Article XX.
D. was not an issue under its purview.
Answer: A
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When the economy goes into recession, the biggest increase in unem-ployment is _________
A. structural because jobs are lost in most states B. cyclical because jobs are lost in many industries as they cut production C. frictional because the creation of jobs slows D. the combination of structural and frictional as few new jobs are created.
During the recession of 2008, the U.S.experienced lower real interest rates at the same time investment and GDP were falling
How would a Classical economist explain this recession? Provide a graph of the Classical capital market to illustrate your arguments.