What is NAFTA?
What will be an ideal response?
NAFTA, or the North Atlantic Free Trade Agreement is an agreement signed by the United States, Mexico, and Canada in which the three countries agreed to establish all North America as a free-trade zone.
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Which of the following would most likely be defined as a final good?
A) a computer tablet B) wheat C) iron ore D) lumber
In the figure above, the dark triangle is the
A) consumer surplus. B) deadweight loss. C) producer surplus. D) total cost. E) economic profit.
The Jones family is going to Disney World and has set a budget of $2000 for visiting the theme park and hotel accommodations. Their original plan was to spend three days at the park and two nights in the hotel. Mrs. Jones unexpectedly listens to a timeshare sales pitch and she is paid $400 for enduring the ordeal. The family decides to spend an extra day at the park and two extra nights in the
hotel. For the Jones family, we can be certain that a. hotels nights are an inferior good b. their budget line has shifted to the left c. theme parks days are an inferior good d. hotel nights are a normal good e. their budget line has changed its slope
All are examples of government purchases that would be included in GDP except:
A. pencils for the employees of the FBI to use. B. the salaries of those in the military working in California. C. salaries paid by government to foreign contractors in Iraq. D. replacement calculators for the Congressional Budget Office.