MERCOSUR, an economic bloc in Latin America, is an example of an economic union.

Name: MERCOSUR, an economic bloc in Latin America, is an example of an economic union.
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MERCOSUR is primarily a customs union, which involves member countries adopting a common external tariff on goods from non-member countries, rather than an economic union, which would involve more integrated economic policies and possibly a common currency.

MERCOSUR, an Economic Bloc in Latin America, Is an Example