In which of the following forms of regional trading agreement are rules of origin required?
a. a free-trade area
b. a customs union
c. a common market
d. an economic union
Answer: a. a free-trade area
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The ________ is the average hourly wage rate measured in current dollars, while the ________ is the average hourly rate measured in the dollars of a given reference base year
A) real interest rate; nominal interest rate B) nominal wage rate; real wage rate C) real wage rate; nominal wage rate D) nominal interest rate; real interest rate E) inflation rate; real wage rate
The size of the multiplier depends in part on the
A) level of autonomous expenditures. B) change in autonomous consumption. C) level of consumption. D) marginal propensity to consume.
A local government currently has a tax base of $4 billion and a tax rate of 5 percent. If the tax rate is increased to 6 percent, the tax base will decrease to $3.5 billion. If the goal is to maximize tax revenues the tax rate should be
A) lowered below 5 percent. B) kept at 5 percent. C) raised to 6 percent. D) abolished.
As per capita GDP has risen over time in the United States and other countries, the
What will be an ideal response?