Which of the following is the treaty that took the participating countries from a free trade area to a common market?
A) The Treaty of Rome
B) The Maastricht Treaty
C) The Single European Act
D) The Treaty on European Union
C
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In order to maximize its profits, a price-taking firm should produce the level of output at which:
A) total revenue = total cost. B) average revenue = average cost. C) variable revenue = variable cost. D) marginal revenue = marginal cost.
What was the Federal Trade Commission (FTC), established in 1914, created to enforce?
(a) U.S. foreign trade (b) The maritime code (c) The Interstate Commerce Act (d) The antitrust laws
What are market failures? Discuss examples of market failures. What can government do to improve the results of market failures?
The two main approaches to measuring GDP are the
A. income approach and the expenditure approach. B. government approach and the consumer approach. C. flow approach and the stock approach. D. concept approach and the reality approach.