U.S. opponents of NAFTA argued that the agreement will hurt the United States. In their view, NAFTA's greatest harm will be its
A) harmonization of labor policies.
B) harmonization of environmental policies.
C) harmonization of the use of pesticides and herbicides.
D) job destruction and downward pressure on U.S. wages.
E) harmonization of product safety standards.
D
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Refer to Table 18-8. The tax system is
A) regressive throughout all levels of income. B) progressive throughout all levels of income. C) progressive between $10,000 and $12,000 of income and regressive between $12,000 and $22,000. D) proportional throughout all levels of income.
In a competitive industry buffeted by demand and supply shocks, prices increase and decrease, but economic profits tend to revert to zero. Hence, profits are exhibiting
a. Above-average return b. Positive earnings c. Mean reversion d. None of the above