The North American Free Trade Agreement affects trade between:
A. the United States, Cuba, and Brazil.
B. the United States, Canada, and Mexico.
C. the United States, Puerto Rico, and Cuba.
D. Brazil, Bolivia, Peru, and Columbia.
Answer: B
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How does monopoly product quality compare to the quality a social planner would choose? a. The monopolist targets the marginal consumer's valuation of quality, whereas the social planner targets the average consumer's. This leads the monopolist to make inefficiently low-quality products. b. The monopolist targets the marginal consumer's valuation of quality, whereas the social planner targets
the average consumer's. This leads the monopolist to make inefficiently high-quality products. c. There is no difference due to a standard neutrality argument. d. None of the above.
How international immobility of resources is compensated by international flow of goods
What will be an ideal response?
If A and B are substitute goods, a decrease in the price of good A would:
A. have no effect on the quantity demanded of B. B. lead to a decrease in demand for B. C. lead to an increase in demand for B. D. none of the statements associated with this question are correct.
Comparative advantage is
A) when a country can produce a good at a lower opportunity cost compared to other countries. B) when a country can produce all goods more quickly than any other country. C) when the production possibilities curve shifts outward to the right. D) only for individuals and not countries.