After the adoption of the North American Free Trade Agreement (NAFTA), trade between the United States and Mexico____, and trade between the United States and Canada ____
a. rose; fell
b. rose; rose
c. fell; fell
d. fell; rose
B
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Using the DD model, explain what happens to out put when Government demands increase. Use a figure to explain when it is taking place
What will be an ideal response?
Elasticities are used to measure responses to a change in:
A. the price of a good. B. the price of a related good. C. income. D. All of these are true.
Assume a firm has the following cost and revenue characteristics at its current level of output: price=$10.00 . average variable cost=$8.00 and average fixed cost =$4.00 . This firm is
a. incurring a loss of $2.00 per unit and should shut down. b. realizing only a normal profit. c. realizing an economic profit of $2.00 per unit. d. incurring a loss per unit of $2.00 . but should continue to operate in the short run.
In a sporting goods store, you can buy the equipment you want and forgo the rest. But in an election you "buy" the entire range of the candidate's positions, including some you may not agree with. This difference:
A. reflects limited and bundled choices in the public sector. B. describes the paradox of voting. C. describes the principal-agent problem in the public sector. D. creates bureaucratic inefficiency in the public sector.