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:

Writing

The process of using symbols, such as letters, to communicate thoughts and ideas in a readable form.

Enforceable

Capable of being imposed or implemented legally, such as a contract or rule.

Contracts

Legally enforceable agreements between two or more parties with mutual obligations.

Special Treatment

Preferential or distinctive handling or consideration given to an individual or entity under specific circumstances.