A customs union is an organization of nations whose members:
a. have impenetrable trade barriers among themselves but impose no trade barriers on nonmembers.
b. have no trade barriers among themselves but impose common trade barriers on nonmembers.
c. have no trade barriers among themselves but each member country chooses its own trade policies toward nonmember countries.
d. retaliate each other by raising reciprocal tariffs.
e. neither have trade barriers among themselves nor impose any restriction on the nonmember countries.
b
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There is a(n) ________ relationship between a nation's rate of growth in real GDP per capita and bureaucratic inefficiency
A) direct B) inverse C) proportional D) undefined
According to the table shown, the firm's marginal costs:
This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market.
A. are constant.
B. increase as output increases.
C. decrease until the 2nd unit, then increase.
D. increase until the 4th unit, then decrease.
If real GDP is $22 trillion, consumption is $14 trillion, planned investment is $4 trillion, government purchases are $4 trillion, net exports are -$1 trillion, then the unintended inventory adjustment is:
a. -$2 trillion. b. -$1 trillion. c. $1 trillion. d. $2 trillion.
Which is the most accurate statement about the Personal Responsibility and Work Opportunity Act of 1996?
A. The decline in the welfare rolls since the mid-to-late 1990s was due entirely to this law. B. This law was directly responsible for throwing millions of the poor out on the street. C. The law validated President Clinton's promise "to put an end to welfare as we know it." D. The law had very little success in removing people from the welfare rolls.