Canada, Mexico, and the United States have:
A) joined together and are operating in what is called a closed-trade area with respect to the European Union.
B) developed a currency similar to the euro.
C) eliminated many trade barriers among themselves.
D) reduced trade among them in order to protect jobs at home.
Ans: C) eliminated many trade barriers among themselves.
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In one day, Brandon can either plow 10 acres or plant 20 acres. In one day, Christopher can either plow 14 acres or plant 14 acres. Brandon and Christopher can
A) gain from exchange if Brandon specializes in planting and Christopher specializes in plowing. B) gain from exchange if Brandon specializes in plowing and Christopher specializes in planting. C) exchange, but only Brandon will gain from the exchange. D) exchange, but only Christopher will gain from the exchange.
Diminishing marginal returns implies that firms:
A. require fewer and fewer workers to produce each additional unit of output. B. require more and more workers to produce each additional unit of output. C. get decreasing amounts of revenue for each unit of output they produce. D. get increasing amounts of revenue for each unit of output they produce.