If the United Kingdom and Italy eliminate all tariffs on each other's goods and all restrictions to factor movements between them and if they implement a uniform system of import restrictions against the rest of the world, these countries have formed a common market.

Question

Quizplus · Accepted Answer

A common market is defined as a group of countries that have eliminated all tariffs and restrictions on factor movements between them and have implemented a common system of import restrictions against the rest of the world. Therefore, if the United Kingdom and Italy eliminate all tariffs and restrictions between them and implement a common system of import restrictions against the rest of the world, they will have formed a common market.

If the United Kingdom and Italy Eliminate All Tariffs on Each