Economic integration whereby countries remove all barriers to trade and the movement of labor and capital between themselves but erect a common trade policy against nonmembers is called a(n) ________.
A) economic union
B) customs union
C) common market
D) political union

Question

Quizplus · Accepted Answer

Common market is the economic integration whereby countries remove all barriers to trade and the movement of labor and capital between themselves but erect a common trade policy against nonmembers. Economic union involves harmonization of economic policies as well. Customs union only involves removing barriers to trade but not the movement of labor and capital. Political union involves a common government and foreign policy.

Economic Integration Whereby Countries Remove All Barriers to Trade and the Movement