Regional Trading Arrangements

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

A. a country moves from autarky to free trade
B. a movement to a customs union reduces the cost of trade through standardization
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. trade creation
B. trade diversion
C. dynamic welfare effects
D. comprehensive welfare effects

A. free-trade area
B. customs union
C. common market
D. monetary union

A. free trade area
B. customs union
C. common market
D. monetary union

A. free trade area
B. customs union
C. common market
D. monetary union

A. customs union
B. free trade area
C. reciprocal trade agreement
D. monetary union