The most-favored-nation clause in U.S. trade agreements:
A. Gives special favors to Canada and Mexico because these nations border the United Sates
B. Provides a comparative advantage in trade to those nations that have higher domestic opportunity costs in producing a product
C. Means that lower tariffs negotiated with one nation with most-favored-nation status also apply to other nations with most-favored-nation status
D. Offers favorable treatment to less developed nations to help improve economic growth in their economies
C. Means that lower tariffs negotiated with one nation with most-favored-nation status also apply to other nations with most-favored-nation status
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Of the 2.2 million working farms in the U.S., _________ of them produce more than $5,000 worth of agricultural products.
A. one quarter B. half C. three quarters D. one third
Which of the following is most likely to be a variable cost for a firm?
A) The interest payments made on loans B) The franchiser's fee that a restaurant must pay to the national restaurant chain C) The monthly rent on office space that it leased for a year D) The payroll taxes that are paid on employee wages