The United States Is an Example of

question 4

Multiple Choice

The United States is an example of

• A)a customs union.
• B)a free trade area.
• C)an economic union.
• D)a common market.

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Definitions:

Nonunionized

Workplaces or employees that are not part of a labor union and do not engage in collective bargaining.

Efficiency Wages

Wages that are deliberately set above the market equilibrium level by employers to increase productivity and efficiency among employees.

Below-equilibrium

A situation where the quantity demanded exceeds the quantity supplied at a given price.

Principal-agent Problem

A dilemma in which one party (the agent) is expected to act in the best interest of another party (the principal) but may have the incentive to act in their own interest instead.