The Two Basic Approaches That a Country Can Take as a Means

question 30

Multiple Choice

The two basic approaches that a country can take as a means to achieve free trade are the

• A)unilateral approach and the multilateral approach.
• B)short-run approach and the long-run approach.
• C)continental approach and the global approach.
• D)industry approach and the security approach.

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Definitions:

Cross Elasticity of Demand

A measure of how the quantity demanded of one good responds to a change in the price of another good.

Soft Drinks

Non-alcoholic beverages that are typically carbonated and contain various flavorings and sweeteners.

Cross Elasticity of Demand

A measure of the responsiveness of demand for a good to a change in the price of another good, showing the degree of substitutability or complementarity between them.

Positive

Characterized by or displaying affirmation, constructive attributes, or optimism; also in economics, indicating numbers or conditions above zero or in surplus.