10. What is meant by the term economic integration? What are the various stages
ID: 1193694 • Letter: 1
Question
10. What is meant by the term economic integration? What are the various stages that economic integration can take?
11. Under the European Union's common agricultural policy, a variable import levy equals the:
a.
Amount by which the EU's support price exceeds the world price
b.
Amount by which the world price exceeds the EU's support price
c.
Support price of the EU
d.
World price
a.
Amount by which the EU's support price exceeds the world price
b.
Amount by which the world price exceeds the EU's support price
c.
Support price of the EU
d.
World price
Explanation / Answer
Q11. Common Agricultural Policy of European Union is a policy formulated by European Union to serve the interest of its domestic farmers against foreign competition.
Under this system, EU provides a range of subsidies as well as run other programmes.
These programmes includes imposition of levies on import of agricultural products into EU, provision of support prices that is guarantee of minimum price to farmers within EU etc.
With respect to impostion of import levies on import of agricultural products, the amount of levy is equal to difference between the support price provided by EU and World price.
In other words, amount of levy is equal to the amount by which EU's support price exceeds the World price.
Hence, the correct answer is option (a).
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