The GDP deflator reflects the prices of all goods and services produced around the world, whereas the consumer price index reflects the prices of all goods and services bought by consumers

A shortage exists in a market if

a. there is an excess supply of the good. b. quantity supplied exceeds quantity demanded. c. the current price is below its equilibrium price. d. All of the above are correct.

An international agreement reached in 1994 by the world's trading nations provides for:

A. an increase in export subsidies on agricultural products. B. an increase in agricultural price supports. C. a reduction of tariffs on agricultural products. D. an international research organization designed to discover nonfood uses of agricultural output.