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WTO: The abbreviation for World Trade Organization, which is an international organization that oversees multilateral trade among nations. The WTO was established in 1995 by the Uruguay round of trade negotiations to replace the General Agreement on Tariffs and Trade (GATT) that had been in place for the preceding five decades. The WTO administers multilateral trade agreements, provides a forum for trade negotiations, handles trade disputes, monitors national trade policies, and provides technical assistance and training for developing countries. The WTO has about 150 member countries.
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INDETERMINANT The directional change in a variable, resulting from the disruption of an equilibrium that is identified using comparative statics, is not known. This term is commonly used to indicate that the change in either price or quantity is unknown when the market experiences simultaneous shifts in both the demand and supply curves. For example, an increase in both demand and supply definitely cause an increase in the quantity exchanged. But whether the market price increases or decreases is indeterminant.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale looking to buy either a large, stuffed giraffe or a birthday greeting card for your aunt. Be on the lookout for attractive cable television service repair people.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"Give the American people a good cause, and there's nothing they can't lick. " -- John Wayne, actor
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JPUBE
Journal of Public Economics
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