Which of the Following Is an Example of a Customs

question 20

Multiple Choice

Which of the following is an example of a customs union? 

• A) The former Soviet Union 
• B) The EU (European Union) 
• C) The Andean Community (South America) 
• D) The NAFTA (North American Free Trade Agreement)

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Definitions:

Unit Sales

The measure of the quantity of individual items sold by a company, as opposed to total revenue.

Break-Even

The point at which total costs and total revenues are equal, resulting in no net gain or loss.

Fixed Expense

Costs that do not fluctuate with changes in production level or sales volume, such as rent, salaries, and insurance premiums.

Variable Expense

Expenses that vary directly with changes in production volume or business activity levels.