Why is the U.S. putting less emphasis on multilateral and more emphasis on bilateral trade agreements?
What will be an ideal response?
Tariffs low, quotas mostly eliminated; Cold War is over; remaining trade issues are tough;, more participants makes multilateral negotiations difficult; bilateral can be testing ground for new arrangements
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At all the points below the midpoint on a linear demand curve, the value of price elasticity of demand is:
A) zero. B) greater than one. C) less than one. D) equal to one.
Which of the following is true of consumer surplus?
A. It is used to measure the impact of a change in price on the economic well-being of the producers. B. It is the net gain in economic well-being associated with producing and selling the equilibrium quantity of a good. C. It is the difference between the value that one places on a good and the price paid for the good. D. It is graphically represented as the area under the equilibrium price and above the supply curve of a good.