The goal of a free trade agreement is to abolish all tariffs among member countries.
a. true
b. false
a. true
You might also like to view...
The tables above show a nation's labor demand and labor supply schedules and its production function. The equilibrium real wage rate is ________ and the equilibrium quantity of labor is ________ billion hours per year
A) $50; 100 B) $40; 90 C) $30; 80 D) $40; 80 E) $20; 110
The tax multiplier
A) is negative. B) is a measure of how much taxes will fall when income is falling. C) is larger in absolute value as compared to the government spending multiplier. D) is always less than one.
Marginal revenue product is
a. the additional cost of hiring one more unit of a resource b. the additional units of output generated by hiring one more unit of a resource c. calculated by multiplying marginal revenue by the price of a resource d. the expected additional revenue generated by hiring one more unit of a resource e. calculated by multiplying marginal revenue by the marginal resource cost of a resource
If income decreases, the budget constraint will shift in but the slope will remain the same
a. True b. False