Economic Integration Whereby Countries Remove All Barriers to Trade Among

question 73

Multiple Choice

Economic integration whereby countries remove all barriers to trade among themselves,but each country determines its own barriers against nonmembers,is called a(n) ________.

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

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Definitions:

Economic Indicators

Statistical data and metrics that signal the current state and future trends of an economy, including GDP, unemployment rates, and inflation indicators.

Barriers To Entry

Business practices or conditions that make it difficult for new firms to enter the market.

Inflationary Economy

An economic condition where prices for goods and services rise, eroding purchasing power and potentially leading to decreased consumer spending.

Increases

Refers to a situation where there is a rise in value, quantity, or another measurable factor.