One goal of the European Common Market was to
a. abolish tariffs and import quotas among the member nations.
b. abolish tariffs and import quotas between the member nations and the rest of the world.
c. discourage the free movement of capital and labor among member nations.
d. replace the North Atlantic Treaty Organization (NATO).
a. abolish tariffs and import quotas among the member nations.
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The cost to a physician of tending a patient is
A) dependent on the number of years over which the physician practices. B) higher for a recent medical-school graduate than for a physician with a well-established practice. C) the value of the time when spent in its next best use. D) zero under a system of complete and comprehensive medical insurance.
If the supply for a good is elastic, that means that when price increases, the
A) supply will increase. B) quantity supplied will decrease. C) quantity supplied will increase by a smaller percentage than the price increased. D) quantity supplied will increase by a greater percentage than the price increased.