A major stumbling block to the completion of the Uruguay Round was a disagreement between the United States and the EU over rules covering international trade in

An increase in the price of good X will be accompanied by

a. a shift in the market demand curve for good X. b. a shift in the market demand curve for good Y (a substitute for good X). c. a movement along the market demand curve for good X. d. Both b and c.

In lesser-developed countries (LDCs), interest rates are usually much higher than in developed economies. A reason that is consistent with your understanding of interest rate determination is

a. people in LDCs save at a much higher rate b. there are fewer businesses in LDCs, so demand is lower c. consumers in LDCs are less willing to postpone present consumption d. the opportunity cost of saving in LDCs is lower because of the low levels of income of most of the population e. the marginal productivity of capital in the LDCs is likely to be lower