The debt-GDP ratio was lower in 1997 than it was during
A) the Civil War.
B) World War I.
C) World War II.
D) all of the above.
C
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A natural monopoly is most likely to occur in which of the following industries?
A) the pharmaceutical industry because the development and approval of new drugs through the Food and Drug Administration can take more than 10 years B) the software industry because of the importance of network externalities C) an industry where fixed costs are very large relative to variable costs D) the diamond mining and marketing industry because one firm can control a key resource
The World Trade Organization (WTO):
A. sets tariffs to balance international trade among nations. B. is the successor to NAFTA. C. hears and rules on trade disputes between nations. D. sets exchange rates to balance international trade among nations.