Proposals for bilateral reduction of tariffs in the U.S. and France have been developed through
A. CAFTA.
B. NAFTA.
C. UNESCO.
D. GATT.
Answer: D
You might also like to view...
The decision about what goods and services will be produced in a centrally planned economy is made by
A) producers deciding what society wants most. B) lawmakers in the government deciding on what will be produced. C) consumers dictating to firms what they need most. D) workers deciding to produce only what the boss says must be produced. E) consumers and firms choosing which goods and services to buy or produce.
Scarcity is: a. only a problem in modern industrialized economies
b. only a problem in impoverished economies. c. only a problem in centrally planned economies. d. a problem that necessitates making choices and tradeoffs.
A worker in Vietnam can earn $6 per day making cotton cloth on a hand loom. A worker in the United States can earn $85 per day making cotton cloth with a mechanical loom. What is the likely explanation for the difference in wages?
a. U.S. textile workers belong to a union, whereas Vietnamese textile workers do not belong to a union. b. There is little demand for cotton cloth in Vietnam and great demand in the U.S. c. Labor is more productive making cotton cloth with a mechanical loom than with a hand loom. d. Vietnam has a low-wage policy to make its textile industry more competitive in world markets.
Refer to the information provided in Figure 12.3 below to answer the question(s) that follow. 
Figure 12.3
Refer to Figure 12.3. The DVD industry is a constant-cost industry. As the demand for DVD players shifts from D to D', which of the following is least likely to result?
A. The demand for DVDs will increase. B. If the market for DVD players is perfectly competitive, economic profits in this industry will increase in the short run, but will fall back to zero in the long run. C. If the market for DVD players is competitive, the price will increase to $5.00 in the short and long run. D. More resources will be allocated to produce DVD players.