Markets clear
a. in the short run
b. when a depression occurs
c. when a recession occurs
d. roughly every ninety days
e. eventually
E
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What is the main difference between a customs union and a free trade area?
a. There are no restrictions on the movement of labor and capital among customs union member countries, whereas labor and capital cannot move freely among free-trade member countries. b. Customs union member countries use identical tariffs, whereas free-trade area member countries have different tariff structures. c. There is free trade among customs union member countries but not among free-trade area member countries. d. Customs union member countries have adopted a common currency, whereas free-trade member countries use their separate national currencies
The industrial organization economics perspective locates the source of advantage at the
a. Individual firm level b. Industry level c. Both a and b d. None of the above