The structure of the global economy is influenced by economic liberalism as its economic system. What is a liberal economy?

a.The market economy where private individuals and businesses are free to make decisions coordinated by prices

b.Economic decisions are collectively made solely the government alone

c.All public lands and natural resources are owned exclusively by rich ruling family in a certain country

d.Working class rules the society by abolishing private enterprises and determines the production decisions

When a country is unable to secure raw materials and consumer products resulting in market shortage and massive increases in prices of the products offered in the market and thus weakening consumer purchasing powers, what would be its negative effects in the country?

a.Deflation

b.Blue Ocean

c.Inflation

d.Liberal Economy

European Union, The Association of Southeast Asian Nations (ASEAN), Asia-Pacific Economic Cooperation and North American Free Trade Agreement (NAFTA) are examples of Regional Economic Integration abolishing trade barriers in trade like tariff and quota for the creation of

a.Protectionist economy

b.Red Ocean market

c.Single Market or common market

d.Subsistence economy

Being a Regional Economic Integration, ASEAN, EU and NAFTA play an active role in the global economy known as

a.Multinational and transnational corporations

b.International non-government organizations (INGOs)

c.Intergovernmental Organizations (IGO)

d.Terrorist and transnational crimes

The European Union consisting of 27 member countries in their stages of regional economic integration has facilitated the effective creation of its single market with 19 of its member countries have adapted this economic union of

a.Barter trade

b.Traditional economy of animal husbandry

c.Single Currency

d.Subsistence economy

The amount or the level of economic benefits or gains that buyers and sellers may get for a certain market equilibrium price and its shifting are known as

a.Consumer Surplus and Producer Surplus

b.Producer surplus and Barter Surplus

c.Consumer Surplus and Producer Deflation

d.Producer Surplus and Supplier Surplus