The Greatest Level of Economic Integration Occurs

question 41

Multiple Choice

The greatest level of economic integration occurs:

• A) In a common market.
• B) A customs union.
• C) A free trade area.
• D) In the WTO.

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Definitions:

Responsiveness

The ability of a company or system to rapidly respond to changes in demand or market conditions.

Demand Satisfaction

The degree to which the needs and desires of customers for a product or service are met by a company.

Over-Capacity

The condition of having more production or service capacity than currently needed, which can lead to inefficiencies, increased costs, and downward pressure on prices.

Flexible Capacity

The ability of a production system to adjust and scale its output up or down to match demand variations.