The U.S.—Colombia Trade Promotion Agreement was signed on November 22, 2006, in Washington, D.C. This comprehensive trade agreement eliminated tariffs and other barriers to goods and services
Colombia will immediately eliminate tariffs on wheat, barley, peanuts, and many other products in which Columbia does not have a comparative advantage. This policy means that the price of peanuts in Columbia will become A) equal to the free trade price.
B) lower than the free trade price.
C) higher than the price when a tariff was in place.
D) higher than the free trade price.
A
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Martha quits a minimum-wage part-time job for a salaried full-time job. The BLS will count Martha as
A) originally unemployed but now employed. B) originally employed and continuing to be employed. C) originally a discouraged worker but now happily employed. D) any of the above.
The net effect of regional trade agreements has been
A) an increase in the total amount of trade in the world. B) a decrease in the total amount of trade in the world. C) no change in the total amount of trade in the world. D) either an increase or decrease in the amount of trade in the world, depending on where trade takes place.
When the budget line for two goods is just tangent to the highest achievable indifference curve, then _____
a. the consumer is in equilibrium b. the consumer should purchase more of the good represented on the horizontal axis c. the consumer should purchase more of the good represented on the vertical axis d. the consumer cannot afford the combination represented by the tangency point e. the consumer should purchase less of both goods
The U.S. gives foreign aid primarily through:
A. the World Bank. B. UNICEF. C. USAID. D. the Peace Corps.