A customs union is a trade agreement:

a. in which member countries are free to set their separate tariffs on other countries.
b. in which members agree to set similar tariffs on nonmembers.
c. in which resources are free to move between member countries.
d. in which member countries have common currency.

Ans: b. in which members agree to set similar tariffs on nonmembers.

Economics

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In case of the textile industries of England in 1811, the invention of new technology that allowed workers to complete tasks in minutes that had previously taken hours, resulted in a(n):

A) increase in the demand for labor in the textile industries. B) increase in the quantity demanded of labor in the textile industries. C) decrease in the demand for labor in the textile industries. D) decrease in the quantity demanded of labor in the textile industries.

Economics

If there is a surplus of a good, the quantity demanded is ________ the quantity supplied, and the price will ________

A) less than; rise B) less than; fall C) greater than; rise D) greater than; fall E) equal to; fall

Economics