What is the name of the regional trade agreement the United States signed with Canada and Mexico that reduced tariffs and other trade barriers?
a. World Trade Organization
b. North American Free Trade Agreement
c. General Agreement on Tariffs and Trade
d. Trans-Pacific Partnership
b. North American Free Trade Agreement
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Refer to the scenario above. Which of the following will happen if she keeps the dress for herself?
A) The GDP of her country will increase by $180. B) The trade deficit of her country will decrease. C) The GDP of her country will remain unchanged. D) The trade surplus of her country will decrease.
In calculating a price index, the period to which prices in all other periods are compared is known as the
a. comparison period. b. average period. c. current period. d. base period.
According to the classical model, an increase in the money supply causes
a. output to increase in the long run. b. the unemployment rate to fall in the long run. c. prices to rise in the long run. d. interest rates to fall in the long run.
What three assumptions are used in the chapter to keep the analysis relatively simple?
What will be an ideal response?