A trade bloc allows member countries to import from other member countries freely, but imposes trade barriers against imports from countries outside the bloc.
Answer the following statement true (T) or false (F)
True
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If real GDP in a particular year is $80 billion and nominal GDP is $240 billion, the GDP price index for that year is:
a) 100. b) 200. c) 240. d) 300.
In the figure below, we see an expansion of the production-possibility curve (from PPC1 to PPC2). The two goods produced are wheat and cloth, which are land-intensive and labor-intensive, respectively. The outward shift of the production-possibility curve shows
A. biased growth. B. a move from a no-trade situation to free trade. C. an increase in the production costs of both goods. D. balanced growth.
If a tax is progressive, then
A. the average tax rate decreases as taxable income increases. B. the average tax rate increases as taxable income decreases. C. the average tax rate remains constant as taxable income decreases. D. the average tax rate decreases as taxable income decreases.
Multinationals
What will be an ideal response?