The European Economic Community
a. is a good example of a customs union
b. is a region in which the production of basic goods, such as steel and energy, are produced collectively
c. is a free trade area
d. prohibits imports from other countries
e. created the GATT rules
A
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When it comes to pollution problems, the polluter and the victim can bargain to arrive at the outcome desired by the benevolent social planner
Indicate whether the statement is true or false
Refer to Table 8-17. What is nominal GDP in 2016?
A) $3,320 B) $3,690 C) $6,360 D) $7,035
Joe and Rita each have some cookies and milk. Joe is willing to trade 2 cookies for an additional ounce of milk. Rita is willing to trade 4 cookies for an additional ounce of milk
If trading is possible, which of the following is most likely to occur? A) Joe will give some milk to Rita in exchange for cookies. B) Rita will give some milk to Joe in exchange for cookies. C) No trade will take place since they both prefer to have more milk and fewer cookies. D) There is not enough information to make any predictions.
To bring her family of four up to the poverty line, a woman would need to earn almost $_______ per hour, 40 hours per week, 52 weeks a year.
Fill in the blank(s) with the appropriate word(s).