Which of the following are present in a customs union?
A) A common currency
B) No internal tariff or non-tariff barriers
C) A common external tariff
D) Factor and asset mobility

Question

Quizplus · Accepted Answer

A customs union involves the elimination of internal tariffs and non-tariff barriers between member countries (B) and the establishment of a common external tariff on imports from non-member countries (C). A common currency (A) and factor and asset mobility (D) are not characteristics of a customs union; these are features of deeper economic integration like a monetary union or a common market.

Which of the Following Are Present in a Customs Union