Common Markets

question 75

Multiple Choice

Common markets

• A)have all the characteristics of customs unions plus free flow of resources between members.
• B)have all the characteristics of free-trade regions and free flow of resources between members.
• C)export and import from the same countries.
• D)have the same currency.

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Definitions:

Isolated Cases

Instances or occurrences that are distinct from and not representative of the general situation or condition.

Fast And Frugal Heuristics

Decision-making strategies that use minimal information to make quick and efficient decisions.

Gigerenzer

A psychologist known for his work on heuristics and decision making under uncertainty.

Cognitive Power

Refers to the capacity of the brain to perform higher mental processes of reasoning, remembering, understanding, and problem-solving.