The European Union is primarily intended to permit:
A. Countries to adopt scientific tariffs on imports
B. An agricultural commodity cartel within the group
C. The adoption of export tarrifs for revenue purposes
D. Free movement of resources and products among member nations
Whichofthefollowingrepresentsthestagewhereeconomicintegrationismostcomplete?
A. Economicunion
B. Customsunion
C. Monetaryunion
D. Commonmarket
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
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
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