_______________ occurs when production shifts to more efficient producers for reasons of comparative advantage, allowing consumers access to more goods at a lower price than would have been possible without integration.

Related MCQs

• _______________ occurs when trade shifts to countries in the group at the expense of trade with countries not in the group, even though the nonmember country might be more efficient in the absence of trade barriers.
• A _______________ focuses on eliminating internal tariffs with member countries levying a common external tariff on goods being imported from nonmembers. Additionally, this type of regional economic integration allows free mobility of production factors such as labor and capital.
• In which of the following types of regional economic integration are internal tariffs eliminated with member countries levying a common external tariff on goods being
• Consider the following statements about India’s energy mix: 1. Coal is the source of more than 50% energy needs. 2. Renewable sources of energy contribute more than 15% of energy requirements of India. Which of the statements given above is/are correct?
• _______________ is an important reason for economic integration.
• Geographic proximity is an important reason for economic integration because consumer tastes are likely to be:
• Which of the following types of regional economic integration focuses only on eliminating internal tariffs?
• Neighboring countries tend to collaborate for all of the following reasons EXCEPT:
• Consider the following statements and identify the right ones. i. Higher level of capital-output ratio indicates efficient use of capital. ii. It reflects the productivity of capital in the economy
• Under the industrial policy of 1991, the number of industries reserved for the public sector have been reduced from 17 to