In A(n)________,members Eliminate Internal Trade Barriers,adopt a Common External Policy

question 15

Multiple Choice

In a(n) ________,members eliminate internal trade barriers,adopt a common external policy toward nonmembers,and eliminate barriers to the movement of the factors of production.

• A) free trade area
• B) customs union
• C) common market
• D) economic union

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Definitions:

Lower Volta

A region in Ghana, characterized by the Volta River's lower part, significant for its hydroelectric projects and agriculture.

Aggregate Production

The total output of goods and services produced by an economy over a specific time period.

Net National Product

The total market value of all final goods and services produced by the residents of a country in a given time period, minus depreciation.

Real GDP

Gross Domestic Product adjusted for inflation, measuring the value of goods and services produced by a country in real terms.