Which of the following is true regarding economic communities?
A) Trade barriers have increased between the United States and Mexico since NAFTA was created.
B) Tariffs are typically lower or nonexistent between countries in the community than between countries not in the community.
C) CAFTA represents the world's single largest market.
D) Converting numerous currencies into the euro has been a failure.
E) NAFTA was modeled after CAFTA.

Question

Quizplus · Accepted Answer

Economic communities, such as the EU or NAFTA, aim to reduce trade barriers between member countries. This often includes lowering or eliminating tariffs between member countries, which is why choice B is true. Choices A, C, D, and E are all incorrect.

Which of the Following Is True Regarding Economic Communities