Which of the following states that any trade concession given to any foreign country must be given to all other countries having the same status?
A. The purchasing power parity theory
B. The most favored nation principle
C. The principle of reciprocity
D. The structural adjustment program
Answer: B
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Anna's Antiques expects to get two bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability. If Anna receives $100 from the auction she can infer that
a. Both the bidders were high value bidders b. Both the bidders were low value bidders c. One of the bidders was high value, while the other was low value d. All of the above
Net exports are
a. total exports minus total imports b. what foreigners earn in the United States minus what US citizens earn abroad c. always positive because the United States has always had a positive trade balance. d. total imports minus total exports e. total exports minus depreciation