Which of the following is a feature of a customs union?
a. The agreement only affects trade among members.
b. The agreement only affects trade with nonmembers.
c. The agreement establishes free trade among its members and a common trade policy with nonmembers
d. The agreement provides mere guidelines and does not obligate members to any given policy.
e. The agreement prohibits all tariffs.
C
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In the economic way of thinking, capital contributes to
A) the exploitation of labor. B) wealth. C) greed. D) macroeconomic inefficiency. E) none of the above.
Use the following two statements about monopolistic competition to answer this question
I. In the long run, the price of the good will equal the minimum of the average cost. II. In the short run, firms may earn a profit. A) I and II are true. B) I is true, and II is false. C) I is false, and II is true. D) I and II are false.
A company may borrow money from
a. banks. b. insurance companies. c. other firms. d. All of the above are correct.
Goods and services sold to foreign buyers are
A. Exports. B. A trade embargo. C. The terms of trade. D. Imports.