Which of the following represents the stage where economic
Integration is LEAST complete?
A)freetrade area
B)customs union
C)common market
D)economic union

Question

Which of the following represents the stage where economic
Integration is LEAST complete?
A)free­trade area
B)customs union
C)common market
D)economic union

Quizplus · Accepted Answer

A free-trade area is the stage where economic integration is least complete because it only involves the elimination of tariffs and trade barriers among member countries. There is no coordination of economic policies, free movement of labor or capital among member countries. In contrast, a customs union involves a common external tariff among member countries, a common market allows free movement of goods, services, capital, and labor, and an economic union involves coordination of economic policies and a single currency.

Which of the Following Represents the Stage Where Economic