The free-trade agreement signed by Canada, Mexico, and the United States in 1992 is known as
A. NAFTA.
B. GATT.
C. DOHA.
D. WTO.
Answer: A
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If an industry were perfectly competitive, the four-firm concentration ratio would be close to ________ and the Herfindahl-Hirschman index would be close to ________
A) 0; 0 B) 0; 100 C) 100; 0. D) 100; 100.
A quota
A) makes domestic producers worse off. B) makes domestic consumers worse off. C) makes both domestic producers and consumers better off. D) makes everyone worse off.
Potential GDP is the value of real GDP when ______
A. the unemployment rate equals the natural unemployment rate B. there is no frictional unemployment C. there is no structural unemployment D. the unemployment rate is zero
Suppose that Country A has an absolute advantage over Country B in the production of both wheat and cloth. The opportunity cost of 1 unit of wheat is 2 units of cloth in Country A and 3 units of cloth in Country B. It follows that production of both wheat and cloth will be maximized if
a. Country A specializes in cloth. b. Country A specializes in wheat. c. Country A produces both goods. d. both countries produce both goods.