Answer:
a. true
b. false
c. true
d. true
e. false
f. true
Explanation:
a. Regional trade agreements encourage free movement of goods and services across the borders of regional bodies.
b. The General Agreements on Tariffs and Trade (GATT) were concluded in Geneva by 23 countries in 1947. The GATT minimized international trade barriers through tariffs and trade regulations.
c. NAFTA means the North American Free Trade Agreement for Canada, Mexico, and the United States. NAFTA eliminated most of the trade tariffs among these three countries. In 2020, it was replaced by the United States-Mexico-Canada Agreement (USMCA).
d. Rules of Origin determines the source of a product because trade duties and restrictions depend on the country of origin of a product.
A sociologist might say that this is an example of how economic action is <u>embedded in</u> social relationships.
<u>Explanation:</u>
Answer:
$200,000
Explanation:
The value of the government obligation = $5,00,000, 8%, 20 years bonds payable at 103
Interest expenses = $5,000,000 * 8/100 * 6/12 = $200,000.
Thus, $200,000 will be reported as debt service expenses in the fiscal year 20X7.
Answer:
False.
Explanation:
In a perfect competition, there are many buyers and sellers of homogeneous products, and there is free entry and exit in the market.
This simply means that, in a perfectly competitive market, there are many buyers and sellers (price takers) of homogeneous products (standardized products with substitute) and the market is free (practically open) to all individuals or business entities that are willing to trade all their goods and services.
Hence, a perfectly competitive market is characterized by the following features;
1. Perfect information.
2. No barriers, it is typically free.
3. Equilibrium price and quantity.
4. Many buyers and sellers.
5. Homogeneous products.
Examples of a perfectly competitive market are the Agricultural sector, e-commerce and the foreign exchange market
A Perfectly competitive firm’s entire marginal cost curve is not its short-run supply curve but only the portion of the marginal cost (MC) curve of the perfectly competitive firm that lies above its average variable cost (AVC) curve would be its short-run supply curve.
