______________ Resulting from the Formation of a Customs Union Tend(s)to

question 45

Multiple Choice

______________ resulting from the formation of a customs union tend(s) to be five to six times larger than ______________,thus providing incentive for the United Kingdom to join the EU in 1973.

• A)Static gains; dynamic gains
• B)Trade creation; trade diversion
• C)Dynamic gains; welfare gains
• D)Dynamic gains; static gains

---

Definitions:

Adjusted Trial Balance

A financial report that lists all accounts and their balances after adjustments have been made, used to ensure the total debits equal the total credits before preparing financial statements.

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within one year or within the operating cycle of a business.

Classified Balance Sheet

A financial statement that organizes assets, liabilities, and equity into categorized sections for clarity and understanding of a company's financial position.

Classification Scheme

entails organizing data, concepts, or entities into categories or classes that share common traits or characteristics.