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True or False
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1

The European Union achieved economic union in 1992.
A)TRUE
B)FALSE
2

A country's economic welfare will increase as a result of forming a customs union if trade creation exceeds trade diversion.
A)TRUE
B)FALSE
3

Developing countries were very successful at forming trade blocs in the 1970s, but have been much less successful since then due to globalization.
A)TRUE
B)FALSE
4

The success of trade embargoes depends on the trade elasticities of the countries involved.
A)TRUE
B)FALSE
5

Rules of origin are important to free-trade areas, but less so to customs unions.
A)TRUE
B)FALSE





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