Economics MCQs

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. Trade creation
B. Trade diversion
C. Dynamic welfare effects
D. Comprehensive welfare effects

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. 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. 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. Monetary union
B. Free trade area
C. Common market
D. Customs union

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. Customs union
B. Free trade area
C. Reciprocal trade agreement
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