The single most important reason for Canada's seeking a free trade agreement with the United States was to
A) ensure its access to the U.S. market.
B) ensure its ability to join NAFTA.
C) harmonize its environmental laws with the United States.
D) avoid international outsourcing in low wage countries.
E) ensure the continuation of its social programs.
A
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The U.S. government restricts the production of peanuts by limiting production licenses. By also prohibiting imports, the government maintains prices well above levels peanut farmers would obtain if supply were not restricted. This program has the same effect as a
A. price ceiling. B. price floor. C. opportunity cost. D. shortage. E. efficiency move.
From an economics standpoint, the Articles of Confederation did not provide for
(a) levying taxes to support a central government. (b) regulating interstate commerce. (c) enforcing laws, because no federal judiciary was authorized. (d) any of the provisions mentioned above.
Which of the following is the term for an innovative new product or production technology that disrupts the status quo in a market, leading the innovators to earn more income and profits and the other firms to either lose income and profits, or come up with their own innovations?
a. disruptive technological change. b. disruptive market change. c. disruptive trade change. d. disruptive transfer change.
A rationale used for tariff protection by some is that
A) the country wants to practice international price discrimination. B) the country finds its cost of producing their products higher than in other countries. C) imports are produced by firms that received subsidies from their governments. D) imports are produced by firms that are more efficient than domestic producers are.