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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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