Implementing a regional free-trade agreement may have an effect in which, due to reduced tariffs, a nation in the agreement begins to import a product it had previously produced itself. This effect is called:

The table above shows a total product schedule. Suppose that labor costs $20 per worker and fixed costs are $60. The average total cost of producing 80 units equals ________ per unit

A) $0.75 B) $1.00 C) $1.75 D) $60 E) $0.25

Economic analysis is used

A) only in economics classrooms. B) only by business people. C) only by policy makers. D) in all decision making.