The central goal of the General Agreement on Tariffs and Trade (GATT) was to:
A. promote free trade associations and customs unions.
B. reduce trade barriers.
C. promote international security.
D. ensure a balance of trade between countries.
Answer: B
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A borrower and a lender agree on a mortgage interest rate. If inflation turns out to be less than expected
A) the actual real interest rate will exceed the expected real interest rate. B) the actual real interest rate will be less than the expected real interest rate. C) the actual nominal interest rate will be higher than expected. D) the actual nominal interest rate will be less than expected.
Demand curves and other economic relationships
A) are always linear. B) produce linear regression equations. C) can take many different functional forms. D) are dependent upon the type of advertising done.