Select the Best Answer That Represents the Lowest to the Highest

question 32

Multiple Choice

Select the best answer that represents the lowest to the highest level of economic integration.

• A)customs union → economic union → free trade area → common market
• B)economic union → customs union → common market → free trade area
• C)common market → free trade area → economic union → customs union
• D)free trade area → customs union → common market → economic union
• E)common market → economic union → customs union → free trade area

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Definitions:

Opportunity Cost

The consequence of forfeiting potential gains in other options by deciding on one.

Professional Team

A group of individuals with specialized skills and expertise working together in a coordinated manner towards common professional goals.

Opportunity Cost

The cost of missing out on potential benefits from other alternatives when making a choice.

Forgone Current Income

The income an individual or entity could have earned but chose to forego for pursuing an alternative.