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
You might also like to view...
A decrease in the nominal wage will cause the aggregate supply curve to
A. shift outward. . B. shift inward. C. become flatter D. become steeper. .
To become wealthy you have to either work at a job or learn how to duplicate yourself, but you cannot do both.
Indicate whether the statement is true or false.
A problem for developing countries is that the prices of primary products fluctuate more widely than do the prices of finished goods because
a. crop supply changes very little despite the weather b. crop supply fluctuates with the weather c. weather never varies d. crops go in and out of fashion as new diets are developed e. crop demand fluctuates with the weather
Bartech, Inc. is a firm operating in a competitive market. The manager of Bartech forecasts product price to be $28 in 2015. Bartech's average variable cost function is estimated to beAVC = 10 ? 0.003Q + 0.0000005Q2Bartech expects to face fixed costs of $12,000 in 2015. Now, suppose that the 2015 price forecast is drastically revised downward to $5. Under the revised forecast how much profit (loss) does Bartech, Inc. expect to earn?
A. $16,000 B. $18,000 C. -$12,000 D. $2,500 E. $0