Which of the following would be the best example of economic integration to create a free-trade zone?
A. The Reciprocal Trade Agreements Acts
B. The European Union
C. The World Trade Organization
D. The Uruguay Round
B. The European Union
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What is the name of the agreement related to intellectual property rights?
What will be an ideal response?
During an economic expansion,
A) higher income tax revenues tend to automatically increase a budget deficit or reduce a budget surplus. B) higher income tax revenues tend to automatically increase a budget surplus or reduce a budget deficit. C) lower income tax revenues tend to automatically increase a budget deficit or reduce a budget surplus. D) lower income tax revenues tend to automatically increase a budget surplus or reduce a budget deficit.
The four important characteristics that define a perfectly competitive market are:
A. standardized good, same information for buyer and seller, low transactions costs, participants are price takers. B. standardized information, finished good, no transactions costs, participants are price makers. C. standardized good, full information, no transactions costs, participants are price makers. D. standardized good, full information, no transactions costs, participants are price takers.
If Dell and Toshiba computers are substitutes and the price of dell computers increases we would expect to see
a. An increase in demand for Toshiba computers b. An decrease in demand for Toshiba computers c. An increase in the quantity of Toshiba computers demanded d. An decrease in the quantity of Toshiba computers demanded