The European Union, NAFTA, and APEC Are All Examples of A/an

question 16

Multiple Choice

The European Union, NAFTA, and APEC are all examples of a/an ________.

• A) direct investment
• B) license agreement
• C) joint venture
• D) international market agreement
• E) multinational corporation

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Definitions:

Megawatts

A unit of power measurement equal to one million watts, commonly used to express the output of large power plants or the amount of electrical energy used by large entities.

Consumer Surplus

The difference between the total amount consumers are willing and able to pay for a good or service and the total amount they actually do pay.

Producer Surplus

The difference between what producers are willing and able to sell a product for and the actual price they receive, indicating the benefit to producers.

Welfare Loss

A decrease in economic efficiency that occurs when there is an optimal allocation of resources that is not achieved due to various reasons such as externalities or market failure.