Which of the following trade agreements, which took effect in 1994 and was implemented over a 15-year period, eliminates all tariffs and other trade barriers between its members?
A. North American Free Trade Agreement
B. World Trade Organization
C. Asian Pacific Economic Cooperation
D. General Agreement on Tariffs and Trade
Answer: A
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A persistent shortage or surplus of a currency under the Bretton Woods system was evidence of
A) failure to support the existing fixed exchange rate by central banks. B) speculation against the currency by speculators in world exchange markets. C) fundamental disequilibrium in the country's exchange rate. D) all of the above
Suppose all of the major computer manufacturers announced that beginning next month there would be major price reductions on their computers. This would cause the current demand for computers to
a. increase. b. decrease. c. remain unchanged. d. increase if the demand for computers was relatively inelastic, but decrease if the demand for computers was relatively elastic.