The primary purpose of WTO is to:
a. protect the United States from cheap foreign labor.
b. foster trade among nations.
c. promote the dumping of foreign products.
d. increase worldwide tariffs.
e. form a union of European nations.
b
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Consider a large open economy. What are the effects, in equilibrium, on the world real interest rate, domestic national saving, domestic investment, the domestic current account balance, foreign national saving, foreign investment, and the foreign
current account balance in each of the following scenarios? Show a diagram to illustrate your results. (a) current income rises in the foreign country (b) the future marginal product of capital rises in the domestic country (c) wealth rises in the foreign country
The LRAS curve is ____ with real output levels that ____
a. upward sloping; vary positively with the price level b. upward sloping; vary negatively with the price level c. vertical; are equal to the natural level of real output at all price levels d. vertical; can be either greater than or less than the natural level of real output