The US-Colombia Trade Promotion Agreement Was Signed on November 22, 2006

question 1

Multiple Choice

The U.S.-Colombia Trade Promotion Agreement was signed on November 22, 2006, in Washington, D.C. This comprehensive trade agreement eliminated tariffs and other barriers to goods and services. Currently, no U.S. agricultural exports enjoy tariff-free access to the Colombian market. If the United States has a comparative advantage in agricultural, which of the following is TRUE?

• A) Columbian agricultural producers were better off before free trade.
• B) Columbian agricultural consumers were better off before free trade.
• C) Columbia was better off before the international trade.
• D) Columbia must have comparative disadvantage in all production.

Understand the concept of marginal cost and marginal benefit and their roles in decision-making.

Recognize the concept of opportunity cost and how it influences choices.

Identify the principles of rational decision-making at the margin.

Apply concepts of costs (sunk costs, marginal costs) to real-world scenarios affecting economic decisions.

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