Which of the following trade agreements, which took effect in 1994 and was implemented over a 15-year period, eliminates all tariffs and other trade barriers between its members?
A) North American Free Trade Agreement B) Asian Pacific Economic Cooperation
C) General Agreement on Tariffs and Trade D) World Trade Organization
A
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
Which of the following is an example of mixed bundling?
A) a suit jacket B) dinner at a buffet restaurant C) a desktop computer and monitor D) All of the above.
Concord Piano Company has experienced a sustained pattern of losses because fewer people are buying pianos for their homes. In response, the owner of Concord has reduced the number of pianos it manufactures. Which of the following is suggested by the actions of Concord?
a. Concord is reducing its marginal costs. b. Concord is preparing to exit the market. c. Concord has reached the shutdown point. d. Concord is evaluating its allocative efficiency.
Suppose the demand for Tesla cars decreases and the supply of Teslas increases. What effect will it have on the equilibrium price for Tesla cars?
a. There will be no change b. Uncertain c. It will fall d. It will rise