Prior to 1989,Canadian Companies Paid Duties of 15 Percent on Raw

question 19

Multiple Choice

Prior to 1989,Canadian companies paid duties of 15 percent on raw materials imported from a U.S.manufacturer.After 1989 the duties were no longer charged on these imported products.What eliminated the duties in 1989?

• A) Free Trade Agreement
• B) International Trade Agreement
• C) North Americas International Tariff Agreement
• D) North American Free Trade Agreement

---

Definitions:

Scarcity Problem

A situation where unlimited wants exceed the limited resources available to fulfill those wants, necessitating prioritization and decision-making.

Economic Wants

Desires for goods and services that individuals and businesses are willing to pay for, which drive economic activity and resource allocation.

Productive Resources

The inputs used in the production of goods and services, including natural resources, human resources, and capital goods.

Full Employment

A situation in an economy where all available labor resources are being used in the most efficient way possible, with minimal unemployment.