A significant advantage to being a member of a trade bloc is
A) higher tariff collections from member countries.
B) reduced or eliminated tariffs among member countries.
C) reduced tariff rates only for the largest member countries.
D) None of the above; there is no economic advantage to a trade bloc.
Answer: B
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What will be an ideal response?
During the twentieth century, the real income of the average American grew by a factor of more than seven
a. True b. False Indicate whether the statement is true or false
The opportunity cost of an activity
a. depends on the individual's subjective values and opinions b. is the same for everyone c. must be calculated and known before undertaking that activity d. is irrelevant to decision making e. is not influenced by time costs
The share of industry output sold by the top four steel producers in the country are 19 percent, 15 percent, 12 percent, and 9 percent, respectively. The four-firm concentration ratio for the steel industry is
A. 0.19. B. 0.55. C. 0.138. D. 0.65.