admin A. trade creation
B. trade diversion
C. trade exclusion
D. trade distortion
A. $0
B. $10,000
C. $20,000
D. $40,000
A. 400 units from B
B. 200 units from C
C. 200 units from each
D. 400 units from B and 200 units from C
A. a country moves from autarky to free trade
B. a movement to a customs union reduces the costs of trade through standardization economic integration results in a
C. economic integration results in a movement in product origin to a lower cost member country
D. economic integration results in a shift in product origin from a lower-cost, nonmember country to a member country having higher costs
A. elimination of trade restrictions among member countries
B. a common tax system and monetary union
C. prohibition to restriction on factor movements
D. a common tariff levied in imports from nonmembers
A. dollar
B. mark
C. franc
D. euro
A. made it harder for Americans of compete against the Germans in the British market
B. made it easier for Americans to compete against the Germans in the British market
C. made it harder for Americans to compete against the Japanese in the British market
D. made it easier for Americans to compete against the Japanese in the British
A. customs union
B. economic union
C. common market
D. free trade area
A. adopted a common fiscal policy for member nations
B. established a common system of agricultural price supports
C. disbanded all tariffs between its member countries
D. levied common tariffs on products imported from nonmembers
A. amount the which the EU’s support price exceeds the world price
B. amount by which the world price exceeds the EU’s support price
C. support price of the EU
D. world price