What are GATT and the WTO?
What will be an ideal response?
GATT is the General Agreement on Tariffs and Trade. It is an international agreement, established in 1947, that has lowered trade barriers among its more than 149 nation members. The WTO is the World Trade Organization, which was established in 1995 to enforce GATT and other international trade agreements, resolve trade disputes, and host trade negotiations.
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According to the new Keynesian sticky-price theory, a rise in aggregate demand results in ________ price level in the near term and in ________ price level in the longer term
A) a higher; an unchanged B) an unchanged; a higher C) a lower; an unchanged D) a lower; a higher
A firm can produce 450 gallons of milk per day with 4 workers and 500 gallons per day with 5 workers. The marginal product of the fifth worker expressed in gallons per worker per day, is:
a. 35. b. 50. c. 70. d. 350.