Three Countries,X,Y,and Z Are Part of a Member Area Where

question 17

Multiple Choice

Three countries,X,Y,and Z are part of a member area where they have eliminated all barriers to trade such as tariffs,quotas,and non-tariff barriers like border restrictions,while at the same time keeping their own external tariffs against nonmembers.Such an area could be described as a(n) _____ area.

• A) regional
• B) spatial
• C) open trade
• D) embargo
• E) free trade

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Definitions:

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A set of principles and frameworks used to understand, explain, and predict how economies operate and how economic agents interact.

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