The European Union Is A(n) ________ Established Dedicated to Facilitating

question 46

Multiple Choice

The European Union is a(n) ________ established dedicated to facilitating trade among member nations.

• A) international joint venture
• B) license agreement
• C) international market agreement
• D) transnational organization
• E) polycentric organization

---

Definitions:

Public Choice Theory

An economic theory that studies how public decisions and policies are made, considering individuals in the public sector make choices largely based on their own interests, similar to those in the private sector.

Private Sector

The part of the economy that is owned and operated by private individuals and companies, not controlled by the state, focusing on profit generation.

Economic Organization

The structured and systematic way in which economic activity is arranged in a society, including the allocation of resources, production, and distribution of goods and services.

Economic Efficiency

The optimal distribution of resources to meet the needs and desires of a society, reducing waste and maximizing value.