Which of the following features does a customs union have?
A. Free trade among those members with similar economic policies
B. Free movement of factors of production
C. Harmonization of all economic policies
D. Common set of external tariffs
Answer: D
Economics
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Refer to the figure above. When the demand curve for gas is D2 and the supply curve for gas is S, the surplus in the market when price is $8 is:
A) 20 gallons. B) 55 gallons. C) 25 gallons. D) 50 gallons.
Economics
The Law of Variable Proportions deals with the___________________between the input of productive resources and and the output of final products.
Fill in the blank(s) with the appropriate word(s).
Economics