For the most part, central bank credibility, or lack thereof, is reflected in the behavior of ________
A) short-run aggregate supply
B) short-run aggregate demand
C) long-run aggregate supply
D) aggregate price shocks
A
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In 1995, the General Agreement on Tariffs and Trade (GATT), which was established in 1948, was replaced by the World Trade Organization (WTO). Why did members of the GATT push for the establishment of the WTO?
A) The GATT agreement only covered trade in goods. The WTO was created to cover trade in goods, services, and intellectual property. B) By 1995 tariffs had been eliminated. The WTO was created to reduce non-tariff trade barriers. C) The charter of the GATT had run out and a new organization was needed to promote international trade. D) The creation of the European Union (EU) made the GATT obsolete. The WTO was formed to regulate trade between the EU and other nations.
Development economics must have a scope wider than traditional economics because
a. values and attitudes play little role in the pace of development. b. people in developing societies do less utility-maximizing. c. transformation of social institutions is necessary for development. d. all of the above.