In 2005, the European Union began a program to
A) reduce greenhouse gas emissions by 10 percent within 5 years.
B) eliminate greenhouse gas emissions by 50 percent within 15 years.
C) subsidize firms that pollute more than a given limit.
D) allow the trading of carbon-dioxide permits among firms.
Answer: D
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Trade that is within a country or between countries is based on the principle of
A) comparative advantage. B) scarcity. C) competition. D) absolute advantage.
Which of the following can be a valid reason for Canada's GDP exceeding its GNP in 2001?
a. Net factor income from abroad in Canada was negative. b. Canada's GNP measurements were flawed. c. Canada's indirect business taxes were exceptionally high. d. The World Bank underestimated Canada's net exports. e. Canada's residents received more foreign aid than they could spend.