Over the Long Run, the Formation of a Customs Union

question 152

True/False

Over the long run, the formation of a customs union may yield welfare gains that are due to economies of scale, greater competition, and stimulus to investment.

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Definitions:

Voluntary Transfer

The act of giving or transferring ownership of property or a title willingly from one party to another without coercion.

Permanent Home

A place where an individual resides and intends to return, usually considered their lawful or official residence.

Domicile

The country or place a person treats as their permanent home or lives in and is legally attached for purposes such as taxation.

Heir

An individual legally entitled to inherit some or all of the assets of another person upon that person's death.