Which of the following is true of an economic union?
A. Free movement of resources, but restricted movement of goods among the member countries
B. Free movement of goods, but restricted movement of resources across the member countries
C. Harmonization of all economic policies in the member countries
D. The members have a common set of tariffs among themselves but the external tariff rates are determined independently.
Answer: C
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In a payoff matrix for a three-player game, there are three payoffs in each cell. The third payoff goes to the column player
Indicate whether the statement is true or false
If two goods, J and K, are complements, then which of the following statements is FALSE?
A) They are consumed together. B) An increase in the price of J causes the demand for K to rise. C) When the quantity demanded of J increases, the demand for K increases. D) A decrease in the price of K causes an increase in the demand for J.