With a partial trade agreement,
A) goods and services are allowed to cross boundaries without tariffs.
B) two or more countries agree to liberalize trade in a selected group of categories.
C) two or more countries set common tariffs toward non-members.
D) two or more countries allow the free mobility of inputs such as labor and capital.
B
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The opportunity costs of the firm using its own funds are measured by the:
A) market interest rate. B) inflation rate. C) price level. D) menu costs.
Equilibrium quantity must increase when demand
a. increases and supply does not change, when demand does not change and supply increases, and when both demand and supply increase. b. increases and supply does not change, when demand does not change and supply increases, and when both demand and supply decrease. c. decreases and supply does not change, when demand does not change and supply decreases, and when both demand and supply increase. d. decreases and supply does not change, when demand does not change and supply decreases, and when both demand and supply decrease.