Which Feature of an Economic Union Differentiates It from a Common

question 54

Multiple Choice

Which feature of an economic union differentiates it from a common market?

• A) Free flow of products and factors of production between member countries
• B) a common monetary and fiscal policy
• C) a common external trade policy toward nonmembers
• D) ability of factors of production to move freely between members

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Definitions:

Conformity

Conformity is the act of adjusting one's behaviors or beliefs to align with the norms or standards of a group or society.

Groupthink

A psychological phenomenon occurring within a group of people, where the desire for harmony or conformity in the group results in an irrational or dysfunctional decision-making outcome.

Cohesiveness

The degree to which members of a group or team are united in pursuing common goals and how connected they feel to the group.

Collectivism

A cultural or social perspective that emphasizes the importance of the group over individual interests or identities.