How has the European Union benefited member nations?
What will be an ideal response?
The EU has been beneficial for member nations because it has created freer trade among member nations, thus allowing for gains from comparative advantage. There is also now a mass market for products that has allowed European producers to benefit from economies of large-scale production and improved economic efficiency. However, the effect of the tariff policies of the EU on non-member nations such as the United States has been negative because the EU tariff policies increase the costs of U.S. exports to EU nations.
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The age-earning cycle usually begins
A) at relatively high income levels. B) at relatively low income levels. C) once a worker reaches 25 years of age. D) only when a worker is employed full time.
In a study of banking by asset size over time, we can find which asset sizes are tending to become more prominent. The size that is becoming more predominant is presumed to be least cost. This is called:
a. regression to the mean analysis. b. breakeven analysis. c. survivorship analysis. d. engineering cost analysis. e. a Willie Sutton analysis.
When the quantity demanded and quantity supplied in a market are equal, the market is said to be in
a. excess demand. b. equilibrium. c. excess supply. d. fixation.
The short run is a period of time during which _____
Fill in the blank(s) with the appropriate word(s).