"NAFTA" stands for:
A. North African Free Trade Area.
B. North American Free Trade Agreement.
C. North Asian Free Trade Agreement.
D. New Zealand-Australia Free Trade Agreement.
B. North American Free Trade Agreement.
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A country with a comparative advantage in the production of a good will ________ production of the good and ________
A) increase; import the good B) not change; import the good C) decrease; export the good D) decrease; import the good E) increase; export the good
Suppose there is an increase in the short-run aggregate supply with no change in the long-run aggregate supply. This situation could be the result of
A) an increase in the price of oil. B) a decrease in the money wage rate. C) a technological advancement. D) an increase in the quantity of capital.
If this firm were a perfect competitor, at what output would it produce in the long run?
A. OP
B. OM
C. OL
D. None of the choices are correct.
Explain how a currency speculator would use something like the Big Mac Index in order to make a profit trading currencies.
What will be an ideal response?