From Least Integrated to Most Integrated, the Levels of Economic

question 2

Multiple Choice

From least integrated to most integrated, the levels of economic integration are a:

• A) common market, a free trade area, an economic union, a customs union, and a political union.
• B) free trade area, a customs union, a common market, an economic union, and a political union.
• C) customs union, a free trade area, a common market, a political union, and an economic union.
• D) common market, an economic union, a customs union, a free trade area, and a political union.

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Definitions:

Perpetual

A system of inventory management where records are updated immediately following a sale or purchase of goods.

Merchandise Inventory

The total value of a business's commodities or goods available for sale to customers at any given time.

Accounts Payable

The amount owed by a business to its suppliers or creditors for goods and services received but not yet paid for.

Cash

A current asset account that represents currency or currency equivalents that can be accessed immediately or near-immediately.