The General Agreement on Tariffs and Trade (GATT) was established in
a. 1870 to protect U.S. industries and decrease world trade
b. 1921 to manage legal and accounting requirements for U.S. tariffs and quotas
c. 1947 to reduce trade restrictions among 23 countries
d. 1973 to increase trade restrictions, after OPEC significantly raised oil prices
e. 1990 to create a common market
C
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What actions could be taken to stabilize output in response to a large decrease in U.S. net exports?
a. increase taxes or increase the money supply b. increase taxes or decrease the money supply c. decrease taxes or increase the money supply d. decrease taxes or decrease the money supply
At any quantity of output above the intersection of the marginal revenue and marginal cost curves:
A. ATC equal to AVC. B. MR is higher than MC. C. profits are being maximized. D. MR is lower than MC.