Which Form of Economic Integration Occurs When Participating Countries Abolish

question 160

Multiple Choice

Which form of economic integration occurs when participating countries abolish tariffs on trade among themselves,establish a common tariff on imports from nonmembers,and permit free movement of capital and labor within the organization?

• A) Free trade area
• B) Economic union
• C) Common market
• D) Monetary union

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Definitions:

Temporal Relationship

The relational concept that denotes the timing and sequence of events or variables as they occur over time.

Conditioned Stimulus

A previously neutral stimulus that, after becoming associated with the unconditioned stimulus, eventually comes to trigger a conditioned response.

Unconditioned Stimulus

In classical conditioning, a stimulus that naturally and automatically triggers a response without any conditioning.

Successive Approximations

A series of gradual steps, each of which is more similar to the final desired response.