a. One of the arguments for regional economic integration is the potential for higher levels of trade between nations. Higher level of trade should result in greater ________ ; increased _____ efficiency; greater ________ consumption, and higher _________.
b. Specify the main economic (not political) drawback of an economic integrations among nations? Explain (do so in no more than 40 words).
c. What (what circumstances) makes adopting and implementing common macroeconomic policies (monetary, exchange rate) challenging in a Common Market area. (explain in no more than 50 words)