Select the best answer that represents the lowest to the highest level of economic integration.
A)customs union → economic union → free trade area → common market
B)economic union → customs union → common market → free trade area
C)common market → free trade area → economic union → customs union
D)free trade area → customs union → common market → economic union
E)common market → economic union → customs union → free trade area

Question

Quizplus · Accepted Answer

The correct order from lowest to highest level of economic integration is: free trade area (eliminates tariffs between member countries), customs union (adds a common external tariff on non-members), common market (allows free movement of goods, services, capital, and labor), and economic union (includes all the previous plus a common currency, tax rates, and government policies).

Select the Best Answer That Represents the Lowest to the Highest