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.Management Sciences
Category: Regional Trading Arrangements
Under the Common Agricultural Policy exports of any surplus quantities EU produce are encouraged through the usage of ?
A. variable levies
B. export subsidies
C. trigger prices
D. countertrade
The European Union has achieved all of the following except ?
A. adopted a common fiscal policy for member nations
B. established a common system of agricultural price supports
C. disbanded all tariffs between its member countries
D. levied common tariffs on products imported from nonmembers
In free trade A will import ?
A. 700 units from country C
B. 700 units from country C and 600 units from country B
C. 600 units from country C
D. 600 units from country C and 400 units from country B
Which level of economic integration best applies to the U.S economy ?
A. free trade area
B. customs union
C. common market
D. monetary union
Criticisms against the North American Free Trade Agreement include all of the following except ?
A. wages in the United States will rise relative to Mexican wages
B. American jobs will be lost to workers in Mexico
C. The environment is not adequately protected by NAFTA
D. None of the above
Which factor of production in the United States is most likely to be made worse off (its factor payment will decrease) because of the North American Free Trade Agreement ?
A. Capital
B. land
C. skilled labor
D. unskilled labor
The European Union is an example of a/an ?
A. customs union
B. economic union
C. common market
D. free trade area
Trade diversion takes place when ?
A. a country moves from autarky to free trade
B. a movement to a customs union reduces the costs of trade through standardization economic integration results in a
C. economic integration results in a movement in product origin to a lower cost member country
D. economic integration results in a shift in product origin from a lower-cost, nonmember country to a member country having higher costs
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