According to the theory of optimum currency areas, a curruncy area has the least chance for success when:
A. Countries of the currency area have differing business cycles
B. Workers have a high degree of mobility across borders of the currency area
C. Prices and wages can be adjusted in reponse to economic disturbances
D. A single monetary policy affects all member countries in the same manner
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A main disadvantage of the European Monetary Union is that:
A. Each member country losses the use of monetary policy as to tool to combat recession
B. There is a high degree of labor mobility among the member countries
C. Prices are highly flexible in response to changing economic conditions
D. Wages are highly flexible in response to changing economic conditions
World welfare under a customs union
A. Increases due to a trade creation effect
B. Decreasese due to a trade diversion effect
C. Depends on the relative strength of the trade creation effect and the trade diversion effect
D. All of the above
A common market
Allows the imposition of common external trade barriers against non-members
B. Represents less economic integration than a free trade area
C. Does not permit free movement of goods among member nations
Dose not allow free movement of factors of production among nations
The gains from having an optimum currency include
A. Price differentiation
B. Lower competition
C. Lower transaction costs
D. Both b and c
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