The agreement of the United States, Canada, and Mexico to eliminate tariffs on the shipment of most products among the three countries is called the
a. General Agreement on Tariffs and Trade.
b. Uruguay Round.
c. North American Free Trade Agreement.
d. Tariff Reduction Act of 1993.
C
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Because the political institutions of many developing countries are weak:
A. it is easier for them to conduct activist economic policies that foster development. B. it is no more difficult for them to adopt activist economic policies than it is for developed countries. C. it is harder for them to conduct activist economic policies that foster development. D. a laissez-faire policy is counterproductive.
Membership in the Federal Reserve System
A. is limited to national banks. B. is limited to state banks. C. is required of national banks and open to state banks. D. is forbidden to state banks.
Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
If the Central Bank of Macroland puts an additional 1,000 dollars of currency into the economy, the public deposits all currency into the banking system, and banks have a desired reserve/deposit ratio of 0.20, then the banks will eventually make new loans totaling ________ and the money supply will increase by ________.
A. $1,000; $5,000 B. $1,000; $1,000 C. $4,000; $4,000 D. $4,000; $5,000