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20. NAFTA is a: a. Monetary union b. Free trade area c. Common market d. Customs union 21. Under the European Union’s common agricultural policy, a variable import levy equals the: 22. Members of the European Union find that “trade creation” is fostered when their economies are: 23. The European Union has achieved all of the following except: 24. When the United States, Canada, and Mexico form a free trade area, and Mexico begins importing a product from Canada rather than from the lowest cost world producer: a. Trade diversion occurs b. Trade creation occurs c. World welfare rises d. World welfare falls to zero 25. When the formation of a free trade area results in the reduction of trade with nonmember nations in favor of member countries, __________ occurs. 26. Which country is nota member of the European Union? 4
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