Which of the following statements is true?
A) Nations have generally moved toward freer international trade policies over the past few decades.
B) Nations all over the world have recently raised trade barriers.
C) Eastern Europe and the Former Soviet Union countries have reduced trade in the last couple of decades.
D) NAFTA lowered trade barriers between the United States and Mexico but raised them between the United States and Canada.
Ans: A) Nations have generally moved toward freer international trade policies over the past few decades.
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In an effort to increase government revenue, Congress and the president decide to increase the corporate profits tax. The likely result will be
A) the supply curve for bonds shifts to the left. B) the demand curve for bonds shifts to the left. C) the equilibrium interest rate rises. D) the equilibrium price of bonds falls.
Paul and Maggie advertise for a babysitter. Jenny is the only one who answers the ad and she's hired. She asks for $7 per hour and gets it. She occasionally thinks of raising the rate to $10 but is afraid that Paul and Maggie will decide to advertise again. This tale is analogous to
a. monopolistic competitive pricing b. the idea of nationalization c. contestable markets d. laissez-faire e. creative destruction