The substitution effect of a price change is the change in consumption that results from the movement to a new indifference curve

Which of the following features is included in the NAFTA Agreement?

I. a common tariff structure adopted by Canada, Mexico, and the United States II. elimination of tariffs on trade among Canada, Mexico, and the United States III. free mobility of labor and capital among Canada, Mexico, and the United States a. I b. II c. III d. I, II, and III

An activity that makes some people better off and nobody worse off is a

A. price floor that increases income to suppliers. B. government transfer program such as Social Security. C. reduction in interest rates. D. voluntary exchange.