The "most-favored-nation" clause of reciprocal trade agreements:
A. outlaws tariffs on products for which an exporting nation has a comparative advantage.
B. singles out a particular nation for exemption from an import quota.
C. means that any tariff reductions the United States negotiates with a specific nation will automatically apply to many other nations.
D. confers special trade privileges to nations in which the United States has military bases.
C. means that any tariff reductions the United States negotiates with a specific nation will automatically apply to many other nations.
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What condition must exist for a monopolist to effectively price discriminate?
A) The monopolist must face consumers with identical willingness to pay. B) The monopolist must produce a good or service that can be resold. C) The monopolist must produce a good that cannot be resold. D) The monopolist must charge the highest price possible.
The Navigation Acts (1651 and later amendments)
(a) defined the British Empire within Europe and restricted shipping and trade between it and the external world. (b) had a major purpose of enlarging and protecting the King of England's income derived from trade through shipping and trade. (c) advanced free trade across the British Empire. (d) held true for all of the above.
With fixed costs of $200, a firm has average total costs of $5 and average variable costs of $3 . Its output is: a. 66.67 units
b. Need more information c. 100 units. d. 40 units.
Social disapproval carries a higher cost in all of the following cases except when you:
A. know the people around you. B. care about the opinions of people around you. C. expect to interact with the people around you again in the future. D. have very loose interactions with community members.