The Creation of the EU Formalizes Which of the Following

question 20

Multiple Choice

The creation of the EU formalizes which of the following processes?

• A) economic integration of Europe
• B) rising self-sufficiency of European countries
• C) spread of European influence into northern Africa
• D) the replacement of NATO by a similar European-led alliance

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Definitions:

Gains from Specialization

The increase in overall production and efficiency that occurs when individuals or entities focus on specific tasks or functions they perform best.

Comparative Advantage

The ability of an individual, company, or country to produce a good or service at a lower opportunity cost than competitors.

World Economic Resources

It refers to all natural, human, and capital resources that are available globally which support economic production and development.

Net Exporter

A country that exports more goods and services than it imports, leading to a positive trade balance.