Which of the following statements pertaining to trade blocs is true?
a. An outward looking trade bloc is open to foreign competition and provides rising living standards.
b. The theory of comparative advantage does not work as it creates inefficiency.
c. Australia and New Zealand have the most inefficient farms in the world as they
subsidize a lot.
d. The United States has had a peaceful and calm relationship with the EU concerning
trade issues.
e. A positive trade relationship with U.S has been the major concern and duty for Europe.
A
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