The North American Free Trade Agreement and the European Union are examples of
A) defense treaties.
B) regional trade blocs.
C) labor agreements designed only for industrialized countries.
D) agriculturally based economies.
Answer: B
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Following the September 11, 2001, terrorist attacks, the managers of many hotels expected a prolonged period of reduced travel and responded by laying off workers and postponing or canceling new construction
Isadore Sharp, the chairman and CEO of Four Seasons Hotels, decided to A) curtail expansion plans, and by significantly cutting back on expansion was able to maintain the company's market share. B) continue expanding and the company ended up losing significant market share. C) curtail expansion plans and the company ended up losing significant market share. D) continue expanding and was able to maintain or enhance the company's market share.
Refer to Figure 11-13. The lines shown in the diagram are isocost lines. Which of the following shows an increase in the firm's total cost while the price of labor and capital remain unchanged?
A) the movement from CE to AF B) the movement from BD to AF C) the movement from BD to CE D) the movement from CE to BF