A Customs Union Imposes Common External Policies on Nonparticipants in Order

question 47

True/False

A customs union imposes common external policies on nonparticipants in order to combat trade diversion.

Analyze the factors limiting complete specialization in international trade.

Understand the basic concepts and differences between domestic supply and demand curves, import demand curves, and export supply curves.

Analyze the impact of world prices on a country's desire to import or export goods.

Understand the purpose and effects of excise taxes, protective tariffs, revenue tariffs, import quotas, and voluntary export restrictions.

---

Definitions:

Cardiac Output

Volume of blood expelled by the ventricles of the heart, equal to the amount of blood ejected at each beat multiplied by the number of beats in the period of time used for computation (usually 1 minute).

Cardiac Dysrhythmias

Abnormal heart rhythms, which can range from harmless to life-threatening conditions.

Oxygenation Requirements

The necessary amount of oxygen needed by the body's tissues, typically increased in conditions affecting the lungs or heart.

Crackles

Sounds heard in the lungs during inhalation that are indicative of fluid in the air spaces, which can be associated with conditions like pneumonia or heart failure.