NAFTA refers to a 1994 agreement that eliminated most tariffs among which countries?
A) the United States, Mexico, and Cuba
B) the United States, the United Kingdom, and Mexico
C) Canada, the United Kingdom, and Mexico
D) the United States, Canada, and Mexico
D
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Purchasing power parity is the theory that, in the long run, exchange rates move to equalize
A) the relative purchasing power of currencies across countries. B) nominal interest rates across countries. C) real GDP across countries. D) corporate profits across countries.
Automobile manufacturers produce a range of automobiles such as sports utility vehicles, luxury sedans, pickup trucks, and compact cars. What fundamental economic question are they addressing by making this range of products?
A) Who to produce automobiles for? B) How to produce goods that consumers want? C) What to produce? D) Why produce a variety of automobiles?