The European Union promotes:
A. free trade among member nations, but not necessarily with nonmember nations.
B. higher tariffs worldwide to promote more national stability.
C. higher tariffs among member nations to encourage more trade between Western Europe and the United States and Japan.
D. free trade among all nations.
Answer: A
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Firms can only use one form of price discrimination
Indicate whether the statement is true or false
If a small change in price will lead to an infinite change in the quantity demanded, then the demand curve is: a. Perfectly elastic
b. Perfectly inelastic. c. Downward sloping. d. non-linear
Retirement benefits are less like ________, and more like ________
A. private insurance; collective savings program. B. savings programs; private insurance. C. social insurance programs; social savings programs. D. None of these is true.
Refer to Figure 7-16. Producer surplus amounts to $300 if the price of the good is
a. $300
b. $350
c. $400
d. $450