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A static welfare effect resulting from the formation of the European Union would be:
Legal Enforcement
The process of ensuring compliance with laws, regulations, and rules through sanctions or penalties.
Contracts
Legally binding agreements between two or more parties that establish obligations, rights, and responsibilities.
Derived Benefits
Advantages obtained indirectly from an activity or service, such as economic benefits from environmental conservation.
Economic Efficiency
The optimal use of resources to maximize the production of goods and services, minimizing waste and costs.
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