The single most important reason for Canada's seeking a free trade agreement with the United States was to
A) ensure its access to the U.S. market.
B) ensure its ability to join NAFTA.
C) harmonize its environmental laws with the United States.
D) avoid international outsourcing in low wage countries.
A
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An increase in the money supply and a decrease in real GDP at the same time is consistent with the equation of exchange if: a. velocity rises rapidly enough
b. velocity falls rapidly enough. c. the nominal GDP rises rapidly enough. d. the price level falls rapidly enough.
Suppose the manager of a store wants to know whether the product of the store across the street is a substitute for her product. In other words, she would need to know if the _____ for the products is positive
a. cross-price elasticity of demand b. price elasticity of demand c. income elasticity of demand d. price elasticity of supply e. cross-price elasticity of supply
Situation 32-1 In the early 1980s, the U.S. automobile industry managed to influence the government to negotiate a voluntary export restraint agreement with Japan that was in effect from 1981 until 1985. The predictable result was an average increase in the price of Japanese cars by about $1,000 and of U.S. cars by about $370. Also, as a result of the import quotas, 26,000 new jobs were "created"
in the U.S. automobile industry. Refer to Situation 32-1. Which of the following arguments is least likely to have been used by the U.S. auto industry to argue for import quotas? A) If the quantity of low-priced import cars is not restricted, foreigners will overtake the U.S. car market. B) A healthy auto industry is vital to our national security. C) If import quotas are in place, our profits will increase by about $300 per vehicle. D) Japan is protecting its market, and so should we; all we want is a level playing field.
A firm could be guilty of antitrust violations using the judgment by structure criteria despite:
A. controlling only 10 percent of the market. B. restraining trade through cartels. C. pricing goods above the competitive price. D. producing the best product it could at the lowest possible cost.