Under the European Union's common agricultural policy, a variable import levy equals the:
Amount by which the EU's support price exceeds the world price
B. Amount by which the world price exceeds the EU's support price
C. Support price of the EU
D. World price
Members of the European Union find that "trade creation" is fostered when their economies are:
A. Highly competitive
B. Highly noncompetitive
C. Small in economic importance
D. Geographically distant
The European Union has achieved all of the following except:
Adopted a common fiscal policy for member nations
B. Established a common system of agricultural price supports
C. Disbanded all tariffs among its member countries
D. Levied common traiffs on products imported from nonmembers
When the United States, Canada, and Mexico from a free trade area, and Mexico beings importing a product from Canada rather than from the lowest cost world producer.
A. Trade diversion occurs
B. Trade creation occurs
C. World welfare rises
D. World welfare falls to zero
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