The Primary Difference Between a Common Market and a Customs

question 37

Multiple Choice

The primary difference between a common market and a customs union is that the common market:

• A)adopts a common set of external tariffs on nonmembers.
• B)eliminates all tariffs.
• C)eliminates all trade barriers.
• D)removes all restrictions on the flow of capital and labor among member nations.
• E)the number of countries involved.

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Definitions:

Gasoline

A volatile, flammable liquid mixture derived from petroleum, used primarily as fuel in internal combustion engines.

Paint Thinner

A solvent used to dilute or remove oil-based paints, making them easier to apply or clean up.

Gasoline

A volatile, flammable liquid derived from petroleum, used primarily as fuel in internal combustion engines.

Residue

The remainder or part left after the main part has been removed, used or processed, often in a chemical context.