To be able to enforce the rules of a free-trade area, goods from outside the region imported into the lowest-tariff nation cannot be shipped ________ into another nation in the area.
a. with no transportation costs
b. without a labor certificate
c. with no customs inspection
d. duty free
Ans: d. duty free
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Explain why the number of substitutes influences the price elasticity of demand
What will be an ideal response?
Monetary policy can have substantial effects on the economy even when nominal interest rates are very low
A) since real rates are what affects borrowing and spending decisions. B) by improving borrower and bank balance sheets. C) by reducing transactions costs. D) only when the policy is substantial.
If total revenue falls as more output is produced,
a. marginal revenue is negative b. marginal revenue is positive c. marginal cost is negative d. average revenue is negative e. total costs exceed total revenue
Protectionism is generally a cost effective method of saving jobs.
Answer the following statement true (T) or false (F)