Which of the following statements pertaining to trade blocs is true?
A) An outward looking trade bloc is open to foreign competition and provides rising living standards.
B) The theory of comparative advantage does not work as it creates inefficiency.
C) Australia and New Zealand have the most inefficient farms in the world as they subsidize a lot.
D) The United States has had a peaceful and calm relationship with the EU concerning trade issues.
E) A positive trade relationship with U.S has been the major concern and duty for Europe.

Question

Quizplus · Accepted Answer

An outward looking trade bloc encourages trade with non-member countries, promoting competition, efficiency, and potentially raising living standards by offering consumers a wider variety of goods at competitive prices.

Which of the Following Statements Pertaining to Trade Blocs Is