The Main Difference Between a Free Trade Area and a Customs

question 86

Multiple Choice

The main difference between a free trade area and a customs union is that the members of a customs union ________.

• A)agree to the free movement of all factors of production
• B)harmonize their tax,monetary,and fiscal policies and create a common currency
• C)agree to treat trade with all nonmember nations in a similar manner
• D)accept a common stance on economic and political policies regarding nonmember nations

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Definitions:

Attitude Change

A shift in an individual's feelings, beliefs, or position on a topic due to various influencers, such as new information or social pressure.

Circadian Rhythm

The approximately 24-hour cycle in the physiological processes of living beings, influencing sleep-wake patterns, hormone release, and other bodily functions.

Paradoxical Sleep

Another term for REM (Rapid Eye Movement) sleep, characterized by the paradox of the brain being highly active while the body is immobilized.

Retina

A light-sensitive layer at the back of the eyeball that contains cells responsive to visual stimuli.