A customs union is an organization of nations whose members:
a. have impenetrable trade barriers among themselves but impose no trade barriers on nonmembers.
b. have no trade barriers among themselves but impose common trade barriers on nonmembers.
c. have no trade barriers among themselves but each member country chooses its own trade policies toward nonmember countries.
d. retaliate each other by raising reciprocal tariffs.
e. neither have trade barriers among themselves nor impose any restriction on the nonmember countries.
b
You might also like to view...
A decrease in the price of milk (and ingredient of ice cream) will result in a(n):
A) shift of the supply curve of ice cream to the left. B) shift of the supply curve of ice cream to the right. C) lower price of ice cream, and thus an increase in the demand for ice cream. D) increase in the demand for ice cream and a decrease in the supply of milk.
Improvements in transportation during the first half of the 19th century
a. enhanced labor mobility and made both product and labor markets more competitive. b. helped local political entities create monopolies, making both product and labor markets less competitive. c. were only profitably implemented in the Northern states, causing product shortages in the Southern states. d. None of the above are correct.