Flashcards in Quiz 4 Deck (10):
The United States puts tariffs on both imports and exports to control trade.
What happened to GATT?
it became the World Trade Organization
Until the Civil War, the United States government funded itself primarily with tariffs.
Income is a _____ of money over time.
A. buy but don't sell
B. sell but don't buy
C. buy more than they sell
D. sell more than they buy
buy but don't sell
_______ GDP is adjusted for inflation
[True or False] Illegal transactions will show up in GDP if they are done in cash.
[True or False] Per capita GDP can be used to make good comparisons between countries, real GDP cannot.
[True or False] In 2000, using standard calculations, Japan has a larger GDP than China. Today, China has a larger GDP than Japan.