With Regard to the Issue of Free Trade,it Is Correct

question 198

Multiple Choice

With regard to the issue of free trade,it is correct to say that

• A) Mercosur has been the least successful of the free trade agreements that have been signed.
• B) The World Trade Organization has been able to resolve trade disputes soon after they arise.
• C) There has been strong support for the World Trade Organization from groups like environmentalists,farmers,and social activists.
• D) Economists have concluded that free trade has not been as good for Canada as predicted by its supporters,nor as bad for Canada as predicted by its opponents.
• E) All of these statements are correct.

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Definitions:

Economies Of Scale

Situation in which output can be doubled for less than a doubling of cost.

Increasing Returns

A situation where the addition of more units of input results in a more-than-proportional increase in output.

Competitive Market

A market structure characterized by many buyers and sellers, such that no single party can dictate the market price.

Long-Run Cost

The total cost of production when all inputs, including both fixed and variable costs, are considered fully adjustable.