Which of the following assertions is not correct about the multilateral approach to free trade?
a. The multilateral approach has the potential to result in freer trade than does the unilateral approach.
b. The multilateral approach may have a political advantage over the unilateral approach.
c. The multilateral approach is simpler than the unilateral approach.
d. NAFTA and GATT both represent multilateral approaches to free trade.
c
Economics
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When products from a high-cost country within a customs union replace imports from a low-cost country that is not a member of the union, this is called:
a. trade creation. b. trade diversion. c. trade deflection. d. trade development.
Economics
If marginal revenue is greater than marginal cost, the firm should
A) raise price. B) raise marginal revenue. C) increase its rate of output. D) decrease its rate of output.
Economics