The European Union is a free trade association that is based on a(n)

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.
• The movement to free international trade is most likely to generate short-term unemployment in which industries
• Which of the following was created in an effort to promote free trade?
• Free international trade maximizes world output through
• Which of the following was developed with the rationale that the U.S.-Canadian trade was the largest bilateral trade in the world and that the United States is Mexico’s and Canada’s largest trading partner?
• 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.
• A no-trade world will have which of the following characteristics:
• Transportation cost of trade affects:
• International Trade is most likely to generate short-term unemployment in:
• What was the first economic theory of international trade to be developed?