Several Levels of Economic Integration Are Possible in Theory

question 69

True/False

Several levels of economic integration are possible in theory.From most integrated to the least integrated they are area free trade area,a common market,a customs union,an economic union,and finally,a full political union.

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Definitions:

Technology

The use of scientific understanding for functional aims, particularly within the industrial sector.

Motorcycles

Two-wheeled vehicles powered by an engine, designed for individual or small number passenger transport.

Opportunity Cost

The value of the next best alternative foregone as the result of making a decision.

Sailboats

Sailboats are vessels propelled partly or entirely by sails and are used for navigation, racing, or recreation.