The European Union is a trading bloc that eases trade restrictions, taxes, and tariffs for its members.

Three of these are a condition for perfect competition.

a. Many buyers and sellers participate in the market. b. Sellers offer a wide variety of products. c. Buyers and sellers are well informed about products. d. Sellers are able to enter and exit the market freely.

The reserve ratio is the ratio of: a. Federal Reserve member banks to nonmember banks. b. Federal Reserve nonmember banks to member banks. c. Federal Reserve member banks to all U.S. banks

d. a bank's total deposits to its reserves. e. a bank's reserves to its total deposits.