A Dynamic Welfare Gain Resulting from the Formation of the European

question 83

Multiple Choice

A dynamic welfare gain resulting from the formation of the European Union would be:

• A) Trade diversion
• B) Trade creation
• C) Diseconomies of scale
• D) Economies of scale

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Definitions:

Brain Stem

The part of the brain connecting the spinal cord with the forebrain and cerebrum, controlling vital functions such as breathing and heart rate.

Base of the Skull

The inferior portion of the skull upon which the brain rests, consisting of several bones that include the occipital, sphenoid, and parts of the temporal bones.

Spinal Cord

A long, thin, tubular structure made up of nervous tissue, which extends from the brainstem down the back, transmitting neural signals between the brain and the body.

Phrenology

The now-discredited theory that different brain areas account for specific character and personality traits, which can be “read” from bumps on the skull.