In a Customs Union, Trade Barriers Are Eliminated Among Member

question 20

True/False

In a customs union, trade barriers are eliminated among member countries, and each country maintains its own external trade polices with nonmember countries.

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Definitions:

Severe Recessions

Extended periods of economic decline around the world characterized by significant reductions in economic activity, high unemployment, and often deflation.

Stagflation

A situation in an economy where there is a combination of stagnant economic growth, high unemployment, and high inflation.

New Deal

A collection of initiatives, including programs, public work projects, financial reforms, and regulations, that were implemented by President Franklin D. Roosevelt in the United States throughout the 1930s as a reaction to the Great Depression.

Social Security

A governmental program designed to provide financial assistance to elderly, disabled, and survivors through retirement benefits, disability insurance, and other means.