The North American Free Trade Agreement
a. is an example of the unilateral approach to free trade.
b. eliminated tariffs on imports to North America from the rest of the world.
c. reduced trade restrictions among Canada, Mexico and the United States.
d. All of the above are correct.
c
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High transaction costs will tend to
a. reduce the number of mutually beneficial exchanges that occur. b. allow easier specialization according to the law of comparative advantage. c. increase the value created by exchanges in an economy. d. increase the number of mutually beneficial exchanges that occur.
A seller's willingness to sell:
A. is the maximum price that a seller is willing to accept in exchange for a good or service. B. is his or her reserved minimum bid-price. C. is the minimum price that a seller is willing to accept in exchange for a good or service. D. must always equal the buyer's willingness to buy.