tariff rate falls from over 40% in 1940s to 6.3% before Uruguay Round. Even it is expected to fall more to 3.8% after Uruguay Round. In spite of this reason, why does regional economic integration increase? The most important reason is that the multinational negotiations in WTO have some limits: the range and the speed. Regional or mutual negotiation is faster and deeper.
Our group chose Korea U
- The “new world” that Columbus boasted of to the Spanish monarchs in 1500 was neither an expanse of empty space nor a replica of European culture, tools, textiles, and religion, but a combination of Native, European, and African people living in complex relation to one another.
- The Native cultures Columbus found in the New World displayed a huge variety of languages, social customs, and cr
Glossary terms
Alternative cost : 선택비용(기회비용)
The value of what particular resources could have produced had they been used in best alternative way; also designated as opportunity cost.
특정한 자원들을 가장 최선의 대안으로 사용하여 생산되는 가치. 기회비용이라고도 불림.
Arc elasticity of demand : 수요의 호탄력성
If P_{ 1} } and Q _{1
abbreviation A.P. is one of the 28 states of India, situated on the country's southeastern coast. It is India's fourth largest state by area and fifth largest by population. Its capital and largest city is Hyderabad. Andhra Pradesh is bordered by Maharashtra, Chhattisgarh and Orissa in the north, the Bay of Bengal in the east, Tamil Nadu to the south and Karnataka to the west.
According to the