A trade-creating customs union is one where: A: lower-cost imports from outside the customs union are replaced by higher-cost imports from a union member B: trade among members increases but trade with nonmembers decreases C: trade among members decreases while trade with nonmembers increases D: none of the above

A trade-diverting customs union: ( ) A: increases trade among union members and with nonmember nations B: reduces trade among union members and with nonmember nations C: increases trade among members but reduces trade with non-members D: reduces trade among union members but increases it with nonmembers

The European Union has achieved all of the following except: A: Adopted a common fiscal policy for member nations B: Established a common system of agricultural price supports C: Disbanded all tariffs among its member countries D: Levied common traiffs on products imported from nonmembers