Which of the following repersents the stage where economic integration is least complete?
A. Free trade area
B. Monetary union
Common market
D. Customs union
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Customs union theory reasons that the formation of a customs union will decrease members' real welfare when the:
A. Trade diversion effect exceeds the trade creation effect
B. Trade production effect exceeds the trade consumption effect
C. Trade consumption effect exceeds the trade production effect
D. Trade creation effect exceeds the trade diversion effect
Which economic integration scheme is solely intended to abolish trade restrictions among member countries, while setting up common tariffs against nonmembers?
A. Economic union
B. Common market
C. Free trade area
D. Customs union
By 1992 the European Union had become a full-fledged
A. Economic union
B. Monetary union
Common marcket
D. Fiscal union
Which device has the European Union used to equalize farm-product import prices with politically determined European Union prices, regardlessof shifts in world prices?
A. Variable levies
B. Import quotas
C. Import subsidies
Domestic content regulations