The North American Free Trade Agreement
a. is an example of the unilateral approach to free trade.
b. eliminated tariffs on imports to North America from the rest of the world.
c. reduced trade restrictions among Canada, Mexico and the United States.
d. All of the above are correct.
c
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When firms benefit from the results of research and development they didn't pay for, we say firms
A) maintain a level playing field. B) free ride. C) are litigious. D) invest in knowledge capital.
A situation in which output decreases while prices increase is often referred to as:
A. inflation. B. negative economic growth. C. a recession. D. stagflation.
Quotas are a greater threat to competition than tariffs because
A. Quotas allow imports but only at a higher price. B. Quotas preclude additional imports at any price. C. Tariffs do not reduce the quantity sold and quotas do. D. Tariffs are voluntary and quotas are not.
Which of the following statements is most accurate about the effects of migration?
A. Migration generally benefits the mover, but there is a net efficiency loss to the world. B. Migration generally benefits everyone in both the origin and destination nations. C. Migration generally benefits the mover and creates a net efficiency gain for the world. D. Remittances cause the gains from immigration to be distributed unevenly.