A ________ agreement eliminates all tariffs and other restrictions on internal trade, adopts a set of common external tariffs, and removes all restrictions on the free flow of capital and labor among member nations.

Question

Quizplus · Accepted Answer

A common market agreement not only eliminates tariffs and restrictions on internal trade (like a free trade area) but also adopts common external tariffs and allows for the free movement of labor and capital among member nations, distinguishing it from a customs union which does not include free movement of labor and capital.

A ________ Agreement Eliminates All Tariffs and Other Restrictions on Internal