Which of the following has occurred since the North American Free Trade Agreement (NAFTA) took affect in 1994?
a. U.S. trade with both Mexico and Canada has increased.
b. Employment in the United States is now slightly lower than before the agreement.
c. Employment in the United States is now substantially higher than before the agreement.
d. Both a and b are true.
e. Both a and c are true.
E
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Terri is enrolled in her first economics course. She is required to give a presentation about the circular flow. Which of the following statements should she include in her presentation?
A) Households choose the amount of the factors of production to provide the firms. B) Firms choose the amount of the factors of production to provide households. C) Households receive wages for the amount of entrepreneurship they provide firms. D) Firms pay wages for the amount of entrepreneurship they provide households. E) The flows of goods and services and payments for the goods and services flow in the same direction.
If the CPI for this year is 220 and the CPI for last year was 215, the inflation rate is
A) just over 2 percent. B) 5 percent. C) just over 5 percent. D) 10 percent.
Say that Japanese firms commit to avoid laying off their employees when demand for their products is low, but American firms often lay off workers when demand is low. As a result, ceteris paribus, we would expect Japanese firms to: a. face more elastic demand curves than American firms
b. have relatively greater variable costs than American firms. c. continue to produce at some prices at which American firms would shut down. d. shut down at prices at which American firms would continue to operate.
The highly centralized economies of North Korea and Cuba are ______ economies.
a. command b. mixed c. market d. traditional