An Agreement That Involves Two or More Countries That Agree

question 52

Multiple Choice

An agreement that involves two or more countries that agree to eliminate tariffs and other trade restrictions on most or all mutual trade of their own goods and services,but each have different tariffs for imports from non-member countries,is called

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

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Definitions:

Social Loafing

A phenomenon in group settings where individuals reduce their effort because they believe other members of the group will compensate.

Cognitive Dissonance

A psychological discomfort experienced when holding two or more conflicting cognitions (beliefs, attitudes, or values).

Making Attributions

The process of explaining one's own behavior and the behavior of others by assigning causes to these behaviors.

Dissonance Levels

A term used to describe the amount of conflict or inconsistency between an individual's beliefs, attitudes, or behaviors, leading to a state of psychological discomfort.