Suppose that the United Kingdom and Italy abolish all tariffs on each other's goods and all restrictions on movements of factors of production between them.They also implement a common protectionist policy toward other countries.This is an example of a (an):

Question

Quizplus · Accepted Answer

This scenario describes a common market, where member countries remove tariffs and restrictions on factor movements among themselves and adopt a common external trade policy.

Suppose That the United Kingdom and Italy Abolish All Tariffs