Which of the Following Features Does a Customs Union Have

question 48

Multiple Choice

Which of the following features does a customs union have?

• A)Free trade among those members which have similar economic policies
• B)Common set of external tariffs
• C)Free movement of factors of production
• D)Harmonization of all economic policies

---

Definitions:

Consideration Requirement

A fundamental principle in contract law that requires both parties involved in a contract to exchange something of value for the agreement to be legally binding.

Legal Value

Consideration or a benefit recognized by the law that supports a contract's enforceability.

Steinberg v. U.S.

A legal case reference, implying a specific instance of jurisprudence or legal interpretation by the court.

Bargained For

Refers to a situation in contract law where each party receives something of value in exchange for their agreement or performance.