Which of the following statements is true?
A) Nations have generally moved toward freer international trade policies over the past few decades.
B) Nations all over the world have recently raised trade barriers.
C) Eastern Europe and the Former Soviet Union countries have reduced trade in the last couple of decades.
D) NAFTA lowered trade barriers between the United States and Mexico but raised them between the United States and Canada.
Ans: A) Nations have generally moved toward freer international trade policies over the past few decades.
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Refer to the figure above. The consumer surplus before the tax is imposed is given by the area ________
A) BCJ B) BAH C) CAE D) JBHF
In most markets, each consumer
a. faces the same money price and time price b. faces different money prices and different time prices c. faces the same money price but different time prices d. faces different money prices but the same time price e. has the same individual demand curve for the product
Consumers maximize total utility within their budget constraint by
A) buying the cheapest goods they can find. B) buying whatever they like the best. C) buying the goods with the largest marginal utility per dollar spent. D) spending the same dollar amount for each good.
If a bank has $32 million in deposits and the required reserve ratio is 4 percent, the bank's required reserves equal $0.8 million.
Answer the following statement true (T) or false (F)