The Council of Ministers and the Court of Justice Are

question 4

Multiple Choice

The Council of Ministers and the Court of Justice are among the govern?ing authorities of an international trading organization known as

• A) the European Union.
• B) the North American Free Trade Agreement.
• C) the United Nations.
• D) the World Trade Organization.

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Definitions:

Implicit Costs

Costs that represent potential benefits foregone when resources are not utilized in their next-best alternative use.

Economic Profit

The financial gain achieved when revenues from business activity exceed the explicit and implicit costs of that activity.

Implicit Costs

Costs that represent the opportunity costs of using resources that the firm already owns, unlike explicit costs which involve direct monetary outlay.

Economic Loss

A decrease in financial wealth, goods, or resources, often as a result of business activities or economic policy decisions.