Which of the following is true?
A) A common market is more deeply integrated than a customs union.
B) The European Union is a shallower and broader form of integration than NAFTA.
C) NAFTA is an example of a customs union.
D) Customs unions require the creation of a common currency.
A
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Trade only occurs if there are only winners, and no losers, as a result of the trade
Indicate whether the statement is true or false
Even though the use of checks lower transaction costs when compared to the use of paper currency, it is unlikely that the use of paper or metallic currency will disappear entirely. Why?
If the price is below the equilibrium level, then the quantity demanded will exceed the quantity supplied. This is known as ___________________.
a. excess supply b. excess demand c. ceteris paribus d. a price ceiling
According to advocates of income inequality, if income were to be distributed equally,
a. productivity would increase b. it would take a little time for the distribution to become unequal again c. efficient allocation of resources would occur d. the MRP of the poor would rise and the MRP of the rich would fall e. productivity would decrease