A. customs union
B. economic union
C. common market
D. free trade area
Related Mcqs:
- Trade creation will more likely outweigh trade diversion for Country X that forms a customs union if the level of tariffs in Country X prior to the customs union is ________ and the total number of countries forming the customs union is _________?
A. relatively high; relatively large
B. relatively high; relatively small
C. relatively low ; relatively large
D. relatively low ; relatively small - Which country is not a member of the European Union ?
A. Spain
B. Germany
C. France
D. Iceland - The Common Agricultural Policy of the European Union has ?
A. increase American farm exports to the EU
B. decrease American farm exports to the EU
C. lowered the price of American farm exports to the EU
D. not affected the price of American farm exports to the EU - The European Monetary Union is an example of a ?
A. customs union
B. free trade area
C. reciprocal trade agreement
D. monetary union - The European Union has achieved all of the following except ?
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 - The implementation of the European Union has ?
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 - As of 2002, the ________ became the official currency union of the European Monetary System ?
A. dollar
B. mark
C. franc
D. euro - When imports from a higher-cost supplier within a customs union replace imports from a lower-cost supplier outside the custom union, there exists ?
A. trade creation
B. trade diversion
C. dynamic welfare effects
D. comprehensive welfare effects - An exchange arrangement was formed in 1979 that governs the currencies of European union member countries. What this arrangement called ?
A. European Currency System (ECS)
B. European Monetary Mechanism (EMM)
C. Common Monetary System (CMS)
D. European Monetary Fund (EMF) - If A forms a customs union with B, A will import ?
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
