Economic Integration Whereby Countries Remove All Barriers to Trade and the Movement

question 153

Multiple Choice

Economic integration whereby countries remove all barriers to trade and the movement of labor and capital between themselves but erect a common trade policy against nonmembers is called a(n) ________.

• A) economic union
• B) customs union
• C) common market
• D) political union

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Definitions:

Statistical Discrimination

The practice of making decisions about groups of people based on statistical generalizations, rather than individual merit, often leading to unfair outcomes.

Neighborhood Location

The specific area or place within a larger urban or rural setting where a given community resides.

Formal Economy

The sector of the economy that operates within official regulations and is taxed and monitored by a government.

Work Benefit

Advantages or perks provided to employees in addition to their salary, such as health insurance, retirement plans, paid vacation, and professional development opportunities.