The Static Welfare Effects Resulting from the Formulation of Customs

question 52

Multiple Choice

The static welfare effects resulting from the formulation of customs unions are measured by the extent to which it leads to ___________ and ____________.

• A)trade creation; trade diversion
• B)economies of scale; free trade
• C)dynamic effects; trade diversion
• D)dynamic effects; trade creation

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Definitions:

Extramarital Affair

A romantic relationship between a married person and someone who is not their spouse.

Immediate Family

Closest family members, typically including parents, siblings, and children, considered directly related by blood or marriage.

Crisis Support

Assistance offered to individuals during a debilitating and often immediate event, aiming to provide emotional, mental, or physical aid to alleviate the situation.

Sexual Intimidation

The act of causing someone to feel frightened or threatened for purposes of sexual coercion or domination.