Which of the following has been an outcome of the North American Free Trade Agreement (NAFTA)?
A. A lower standard of living in Canada, Mexico, and the United States.
B. Lower wages in the United States and Canada.
C. Increased trade among Canada, Mexico, and the United States.
D. Lower wages and reduced employment in Mexico.
C. Increased trade among Canada, Mexico, and the United States.
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Compared to the short-run price elasticity of demand, the long-run price elasticity of demand is
A) smaller. B) the same. C) greater. D) either greater than or less, depending on the number of substitutes the good has.
A decrease in firm 1's marginal cost will cause:
A. an upward shift in firm 2's reaction function, resulting in a new Cournot equilibrium where firm 1 is producing a lower quantity and firm 2 is producing a higher quantity. B. a downward shift in firm 2's reaction function, resulting in a new Cournot equilibrium where firm 1 is producing a higher quantity and firm 2 is producing a lower quantity. C. a downward shift in firm 1's reaction function, resulting in a new Cournot equilibrium where firm 1 is producing a lower quantity and firm 2 is producing a higher quantity. D. an upward shift in firm 1's reaction function, resulting in a new Cournot equilibrium where firm 1 is producing a higher quantity and firm 2 is producing a lower quantity.