Did the 1957 Treaty of Rome turn the EU into a truly unified market?
A) Yes, it paved the way for the current EMU.
B) No, although it established a customs union, it failed to remove barriers to the movement of goods and factors within Europe.
C) No, it was only after the German unification and locating the ECB in Frankfurt that unity was achieved.
D) No, since the Northern members of the EU had larger endowments of capital and skilled labor.
E) No, the Treaty of Rome created more trade barriers between European countries.
B
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To maximize its profit, a single-price monopoly produces the quantity at which
A) the difference between marginal revenue and marginal cost is as large as possible. B) marginal revenue equals marginal cost. C) average total cost is at its minimum. D) the marginal cost curve intersects the demand curve. E) the marginal revenue curve intersects the horizontal axis.
Explain why in the case of economies of scope the production possibility frontier is bowed outward
What will be an ideal response?