The difference(s) between NAFTA and the EEC is (are)
a. that the EEC is a free trade area while NAFTA is a customs union
b. that NAFTA is a free trade area while the EEC is a customs union
c. that both NAFTA and EEC are custom unions, but the EEC is in Europe while NAFTA is in North America
d. that both NAFTA and EEC are free trade areas, but the EEC is in Europe while NAFTA is in North America
e. that NAFTA countries place no tariffs on trade while the EEC countries do
B
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Which of the following goods will have the most inelastic demand at any time?
a. jewelry b. Big Macs c. electricity d. pork chops
If we graph the consumption function such that it cuts the vertical axis at a point above the origin, this is because we are assuming that
A) the MPC is positive. B) the MPS is positive. C) autonomous consumption is positive. D) induced consumption is positive.
Briefly describe how your decision about what products to make would differ if you were a manufacturer in a command, market, or mixed economy.
What will be an ideal response?
Everything else held constant, if the expected return on RST stock declines from 12 to 9 percent and the expected return on XYZ stock declines from 8 to 7 percent, then the expected return of holding RST stock ________ relative to XYZ stock and
demand for XYZ stock ________. A) rises; rises B) rises; falls C) falls; rises D) falls; falls