Explain the real-nominal principle.
What will be an ideal response?
The real-nominal principle explains that what matters to people is the real value of money or income, its purchasing power and not the face value of money or income.
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One provision of the Uruguay Round Agreement of the General Agreement on Tariffs and Trade in 1993 was:
A. The establishment of an aid package for Russia and other nations of the former Soviet Union B. The establishment of a trading bloc between the United States, Canada, and Mexico C. A reduction in domestic agricultural subsidies and protection of intellectual property D. A reduction in the protection of intellectual property rights
Positive economics is concerned with justifying a particular distribution of income.
Answer the following statement true (T) or false (F)