What Is the Most Enduring Free Trade Area in the World

question 9

Multiple Choice

What is the most enduring free trade area in the world?

• A) NAFTA
• B) EFTA
• C) ASEAN
• D) Mercosur

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Definitions:

Short-run Phillips Curve

A visual diagram illustrating the short-term inverse correlation between inflation rates and unemployment rates.

Policymakers

Individuals or groups responsible for making and implementing policies, especially in government and legislative contexts.

Natural-rate Hypothesis

The theory suggesting that there is a specific level of unemployment that exists in an economy that is not eliminated by monetary policy in the long run.

Favorable Supply Shock

An unexpected event that suddenly increases the supply of a product or service, resulting in decreased prices and increased quantity.