A ____________________ Is the Form of Economic Integration Wherein All

question 50

Multiple Choice

A ____________________ is the form of economic integration wherein all barriers are removed on trade among members,but each nation retains its own barriers to trade with nonmembers.

• A)preferential trade arrangements
• B)customs union
• C)common market
• D)free trade area

---

Definitions:

Labour

The measure of human work or effort used in the production of goods and services.

Materials

Refers to the tangible components used in the production of goods and services, often categorized as direct or indirect materials depending on their direct allocation to a cost object.

Mark-Up Percentage

An added percentage to the buying price of products intended to cover both operational costs and earnings.

Total Variable Cost

The total of all costs that vary directly with the level of output, such as materials and labor costs that increase as more units are produced.