Which of the following trade agreements, which took effect in 1994 and was implemented over a 15-year period, eliminates all tariffs and other trade barriers between its members?
A. North American Free Trade Agreement
B. World Trade Organization
C. Asian Pacific Economic Cooperation
D. General Agreement on Tariffs and Trade
Answer: A
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Refer to the table below. Julia's opportunity cost of making a pie is: Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. 60 cakes B. 6/5 of a cake C. 5/6 of a cake D. 6 cakes
Compared to the other sources of spending, net exports is
A) large and negative. B) small and negative. C) large and positive. D) small and positive.
A company's net present value:
A. adds up the value of all the assets a company currently owns. B. is a measure of the book value of that company. C. is the current value of the company's expected future cash flows. D. tells you the "correct" price of shares in the company.
Which is a required characteristic of a perfectly competitive industry?
A) There are few firms so that none can influence market price. B) Products are highly differentiated. C) Barriers to entry are high. D) None of the above