When the formation of a free trade area results in the reduction of trade with nonmember nations in favor of member countries,____ occurs.
A. Trade devaluation
B. Trade revaluation
C. Trade creation
D. Trade diversion
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Which country is not a member of the European Union?
A. Spain
B. Germany
C. France
D. Iceland
The implementation of the European Union has:
A. Made it harder for Americans to compete against the Germans in the British market
B. Made it easier for Americans to compete against the Germans in the British market
C. Made it harder for Americans to compete against the Japanese in the British market
D. Made it easire for Americans to compete against the Japanese in the British market
The common agricultural policy of the European Union has:
A. Increased American farm exports to the EU
B. Decreased American farm exports to the EU
C. Lowered the price of American farm exports to the EU
D. Not affected the price of American farm exports to the EU
The implementation of a common market involves all of the following except:
A. Elimination of trade restrictions among member countries
B. A common tax system and monetary union
C. Prohibition of restrictions on factor movements
D. A common traiff levied in imports from nonmembers