The European Union is by far more significant than the European Free T

QUESTION

The European Union is by far more significant than the European Free Trade Association (EFTA), in terms of membership as well as economic and political influence in the world economy.

Indicate whether the statement is true or false.

ANSWER

TRUE
Europe has two trade blocs: the European Union (EU) and the European Free Trade Association (EFTA). Of the two, the EU is by far the more significant, not just in terms of membership (the EU currently has 28 members; the EFTA has 4), but also in terms of economic and political influence in the world economy.