When Was the EFTA (European Free Trade Association)formed

question 21

Multiple Choice

When was the EFTA (European Free Trade Association) formed?

• A)1960
• B)1940
• C)1970
• D)1965

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Definitions:

Consumer Surplus

The difference between the total amount that consumers are willing to pay for a good or service and the total amount they actually pay.

Producer Surplus

The disparity between the minimum amount producers are prepared to take for a product or service and the higher amount they end up getting.

Blockade

An act of sealing off a place to prevent goods or people from entering or leaving, typically implemented as a form of economic or military pressure.

Producer Surplus

The difference between what producers are willing to sell a good for and the actual price they receive.