Describe some of the gains from lowering trade barriers that may be difficult to measure. What ...

Describe some of the gains from lowering trade barriers that may be difficult to measure.
 
  What will be an ideal response?

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Question 2 - Which of the following is TRUE?
 
  A) A common market is more deeply integrated than a customs union.
  B) The European Union is a shallower and broader form of integration than NAFTA.
  C) NAFTA is an example of a customs union.
  D) Customs unions require the creation of a common currency.

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Question 3 - Refer to the figure above. In autarky, the economy would be in general equilibrium at point
 
  A) I.
  B) D.
  C) E.
  D) F.

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Question 4 - Exchange rate crises are only associated with fixed exchange rate systems.
 
  Indicate whether the statement is true or false