A(n)__________ Has Features of a Customs Union but Goes a Step

question 35

Multiple Choice

A(n) __________ has features of a customs union but goes a step further by eliminating barriers that restrict the movement of labor,capital,and technology among member nations.

• A) valuation market
• B) common market
• C) import relief consortium
• D) nontariff consortium

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Definitions:

Consumer Desire

The want for goods, services, or experiences that can provide satisfaction or utility to the consumer.

Profits of Industry

The total earnings of companies within a specific sector after subtracting costs and expenses.

Resources Employed

Refers to the allocation and utilization of resources such as labor, capital, and materials to produce goods and services.

Output of Industry

The total amount of goods and services produced by an industry or sector within a specific period, often used to gauge economic health and productivity.