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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

An economic union requires giving up some political autonomy to succeed. What are some examples of political power countries must give up to be members of an economic union?

To determine

To state: the examples of political power given up by a country to be a part of economic union.

Explanation

An economic union is the highest form of economic integration. It includes:

  1. Elimination of trade barriers among member countries.
  2. Same external policy towards non-member nations.
  3. Free cross border mobility of factors of production among member countries.
  4. Coordinated fiscal and monetary policies.

However, joining an economic union requires a country to give up certain political powers...

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