In 1992, the EEC was replaced by the EU with an agreement to:
a. erect strong trade barriers among the member countries.
b. reduce trade barriers against nonmember countries.
c. mutually restrict all imports from nonmember countries.
d. create a single market for goods and services in western Europe.
e. enable the countries of Western Europe to emerge as major world powers.
d
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All of the following affect the demand elasticity for labor EXCEPT
A) final product income elasticity. B) ease of substitution of labor for other inputs. C) final product price elasticity. D) labor costs as a portion of total cost.
The income effect of a decrease in the price of potatoes (an inferior good) is a(n)
a. decrease in the demand for potatoes b. decrease in the quantity demanded of potatoes c. increase in the demand for potatoes d. increase in the quantity demanded of potatoes e. new demand curve because everything else is no longer constant
The equilibrium in a foreign exchange market determines
A. Domestic economic conditions. B. The exchange rate. C. The terms of trade. D. The balance of payments.
Microeconomics is defined as that part of economic analysis that
A) studies the behavior of the economy as a whole. B) includes the problems of inflation and unemployment. C) studies individual decision making by households and firms. D) concerns aggregate production and consumption.