Which country is not a member of the European Union ?

Related Mcqs:

1. 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

2. 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)

3. Assume that Country A is relatively abundant in labor and Country B is relatively abundant in land Note that wages are the returns to labor and rents are the returns to land According to the factor price equalization theorem, once Country A begins specializing according to comparative advantage and trading with Country B: A. wages and rents should fall in Country A B. wages and rents should rise in Country A C. wages should rise and rents should fall in Country A D. wages should fall and rents should raise in Country A ?

   XA. wages and rents should fall in Country A
   B. wages and rents should rise in Country A
   C. wages should rise and rents should fall in Country A
   D. wages should fall and rents should raise in Country A

4. If two countries A and B are member of a currency union and there is a shift in consumer preferences away from the goods of country A and towards those of country B than which one of the following would help to offset the effect of the resulting changes in aggregate demand in A and B on inflation and unemployment in the tow countries ?

   A. A high degree of labour mobility between the tow countries
   B. An increase in government spending in country (A)
   C. A depreciation in the foreign exchange value of the common currency
   D. A low degree of capital mobility between the two countries

5. 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

6. The European Monetary Union is an example of a ?

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

7. 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

8. The European Union is an example of a/an ?

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

9. 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

10. As of 2002, the ________ became the official currency union of the European Monetary System ?

    A. dollar
    B. mark
    C. franc
    D. euro