A customs union is:
a. a group of countries that agrees there will be "no rules" about trade—anything goes.
b. a group of countries that agrees to eliminate customs fees and containerized shipping charges on goods traded among them.
c. a group of countries agreeing to eliminate barriers to trade between themselves but keeping tariffs in place against the rest of the world.
d. a group of countries that eliminates trade barriers among themselves and erects a common tariff against all other nations.
Ans: d. a group of countries that eliminates trade barriers among themselves and erects a common tariff against all other nations.
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A labor union that consists of workers from a particular industry is a(n)
A) closed shop. B) industrial union. C) union shop. D) bilateral monopoly.
Discount lending by the Fed:
A. amounts to five billion dollars in volume during an average week. B. is usually small except in times of crisis. C. is more important today than in years past. D. is the key component of monetary policy.