A free trade agreement plus a common set of tariffs toward non-members is called
A) a common market.
B) a customs union.
C) a free trade area.
D) an economic union.
B
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During the year a country's income was $6.0 trillion and its consumption was $5.5 trillion. At the start of the year its wealth was $30.0 trillion. The country's wealth at the end of the year was
A) $36.0 trillion. B) $35.5 trillion. C) $30.0 trillion. D) $6.0 trillion. E) $30.5 trillion.
Many service-sector jobs in the United States have moved to other countries where these jobs are done at a fraction of the cost. The outsourcing of jobs overseas is heavily debated by politicians, policy makers, and economists in the United States
Based on your understanding of trade and the benefits and losses from trade, how do you think outsourcing affects social surplus in the domestic economy?