21. The EU is an example of a trading bloc, or _______, that has a common external tariff
and no internal tariffs, and that coordinates laws to facilitate trade between member
A. strategic alliance
B. joint venture
C. common market
D. multinational export assistance center
22. The five factors of production include land, _______, capital, entrepreneurship, and
A. effort; education C. energy; application
B. knowledge; effort D. labor; knowledge
23. When the value of exports from a country exceeds the value of imports into that
A. a trade surplus. C. an imbalance of trade.
B. no balance of payments. D. a trade deficit.
24. The number of businesses owned by immigrants, minority groups, and women has
_______ in recent years.
A. declined C. increased
B. stabilized D. been dramatically reduced
25. The _______ denotes a common pattern wherein there’s a period of rapid growth in
the economy when supply and demand stimulate each other, alternating with a period
of decline accompanied by diminishing demand and supply.
A. macroeconomic system C. unemployment rate
B. free market system D. business cycle
22. either B or D but i believe D