A Customs Union Is

question 56

Multiple Choice

A customs union is:

• A) a group of customs laws intended to reduce tariffs and stimulate trade.
• B) a free trade area with a common external tariff.
• C) a free trade area with no tariffs between the member nations.
• D) a union of nations that promotes lower tariffs for international trade.

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Definitions:

Accident Insurance

Accident Insurance is a type of policy providing financial compensation to the insured in case of injuries, disability, or death caused solely by accidental means.

Accrued Salaries

These are wages that have been earned by employees but have not yet been paid by the employer.

Depreciation Expense

The systematic allocation of the cost of a tangible asset over its useful life, reflecting its consumption or wear and tear.

Services Provided

Activities done for others as an economic product that are intangible, not stored, and produced at the time of consumption.