Under NAFTA, environmental standards are
A) harmonized around U.S. rules.
B) harmonized around Canadian rules.
C) harmonized around a combination of the rules in all three countries.
D) not harmonized.
D
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Refer to the scenario above. The best approach to play this game is to use:
A) a dominant strategy. B) backward induction to come to a decision. C) a credible commitment to influence the payoffs of the game. D) a mixed strategy.
The more bidders there are at an oral auction,
a. the higher the expected selling price b. the higher each bidder bids c. the longer that each bidder will continue to bid d. the less each bidder will shade his bid
If markets are perfectly competitive, the free-trade price of a good in an importing country is expected to be lower than the pre-trade price of the good in that country.
Answer the following statement true (T) or false (F)
Suppose Jack and Kate are at the town fair and are choosing which game to play. The first game has a bag with four marbles in it-1 red marble and 3 blue ones. The player draws one marble from the bag; if it is red, they win $20 and if it is blue, they win $1. The second game has a bag with 10 marbles in it-1 red, 4 blue, and 5 green. The player draws one marble from the bag; if it is red, they win $20; if it is blue, they win $5; and if it is green, they win $1. Both games cost $5 to play. Assume Jack will play the games that have a higher expected payoff than the cost of playing the game. Comparing the expected value of the payoff of each game to the price of $5 to play, we can conclude that Jack should:
A. play both. B. play the first but not the second. C. play the second but not the first. D. play neither.